The roles of the Board Audit Committee and the Board Risk Committee are split to improve and focus on audit and risk management activities separately. In terms of the Public Finance Management Act (1999 as amended, S77 (a) & (b)), at least two meetings a year should be held and the committees should consist of at least three members. These are all non-executive members of the committees, including the Chairperson, appointed as sub-committees of the Board of Directors with agreed terms of reference that are reviewed annually.

The Auditor General of South Africa has full and independent access to Chairpersons of both committees and the full extent of the attendance and detail of annual work conducted by the both Committees is reported annually in AEMFC's Audited Annual Financial Reports.