The Audit Committee (AC) of NSF consists of three non-executive directors of the Board of Management (BoM). Treasury representative of the BoM chairs the committee and representatives from the National Audit Office and the Chief Internal Auditor of the Line Ministry serve as observers in the Committee.

The meetings are held on quarterly basis and recommendations of the meetings are reported at the BoM soon thereafter, along with the minutes of the meeting to facilitate taking corrective measures. Internal Auditor act as the convener of the Committee.

Audit Committee provide assistance to the BoM in fulfilling responsibility for the preparation, presentation and adequacy of disclosures in the Financial Statements, in accordance with SLAS, compliance with financial reporting and information requirement of the Acts, regulation and requirements, processes to ensure that entity's internal controls and risk management procedures are adequate, ensuring performance of the entity's internal audit function, identify, monitoring and management of significant risks of the entity and reporting related party transactions of Board members and key management personal as per the Guidelines on Corporate Governance for Stated Owned Enterprises.