(1) An Audit Committee shall ensure that the head of a covered entity, to which the Audit Committee relates,

(a) pursues the implementation of any recommendation contained in

(i) an internal audit report;

(ii) Parliament’s decision on the Auditor-General’s report;

(iii) Auditor-General’s Management Letter; and

(iv) the report of an internal monitoring unit in the covered entity concerned particularly, in relation to financial matters raised; and

(b) prepares an annual statement showing the status of implementation of any recommendation contained in

(i) an internal audit report;

(ii) Parliament’s decision on the Auditor-General’s report;

(iii) Auditor-General’s Management letter;

(iv) the report on financial matters raised in an internal monitoring unit of a covered entity; and

(v) any other related directive of Parliament.

(2) An annual statement required under subsection (1) (b) shall

(a) indicate the remedial action taken or proposed to be taken to avoid or minimize the recurrence of an undesirable feature in the accounts and operations of a covered entity;

(b) indicate the period for the completion of the remedial action; and

(c) be endorsed by the relevant sector Minister and forwarded to the Minister, Parliament, Office of the President and the Auditor-General within six months after the end of each financial year.