The FOC acts as an advisor to the Executive Committee and the Secretary General on all financial matters relating to the finances of the Association and financial matters connected with air transport.
(i) Review the annual budgets, statements of accounts and internal and external audit reports of the Association.
(ii) Select and recommend to the Executive Committee the appointment of External Auditors
(iii) Conduct internal audit of the Association
(iv) Review the financial policies and procedures from time to time and recommend changes as necessary to ensure transparency and accountability
(v) Review and recommend membership contributions, partnership fees or any fees and charges payable
Membership consists of 4 representatives elected from among the Chief Financial Officers of AFRAA Member Airlines. Members are proposed by the Secretary General and appointed by the Executive Committee subject to approval of the AGA. The four representatives from member airlines to serve for only 3 years period after which the same airline may be eligible to participate in the committee but nominate a different candidate from the same airline.
The Committee meets at least once each year.
The Committee shall set its own annual work program and action plan which shall be approved by the Executive Committee.
The Manager Corporate Finance and Administration will be the Secretary of the Committee.