(1) There is established by this Act, an Audit Committee that shall serve one particular covered entity or any other covered entities in a sector.
(2) For the purpose of subsection (1), the Minister shall, by Regulations, specify
(a) the number of Audit Committees to be established in each sector;
(b) the qualification for appointment to an Audit Committee;
(c) the funding of Audit Committees; and
(d) the procedure for meetings of an Audit Committee.