As you would appreciate, the role of the Audit Committees in banks has been expanding ever since and at the last count, the calendar of reviews required to be put up to the Audit Committee of the Board (ACB) at various periodicity had 25 items.
For example, a reassessment of default risk that increases risk premiums  2  BIS Review 135/2007  and results in tighter credit conditions may require a lower policy rate than would have otherwise been the case.