In practice, this standard requires the Audit Committee to do rather more than just to review a financial institution’s accounting practices and audit plan. It requires the Committee to review the use of Restricted Investment Accounts’ funds. It emphasises the need to ensure that funds are invested in accordance with terms agreed with the customer.
The Constitution defined that the first Governing Board of the Central Bank would include the Governor appointed by the International Monetary Fund in consultation with the Presidency of Bosnia and Herzegovina, and three members nominated by the Presidency of Bosnia and Herzegovina.