Constitution Of Audit Committee As Per Listing Agreement

Geschrieben am Mittwoch, September 15, 2021 | Kommentare: 0

Section 292A of the Companies Act, 1956 (w.e.f. 13/12/2000) contains a provision relating to the establishment of an audit committee by each public limited company which has deposited the capital of r. 5 crores or more It was mentioned in the circular that the presence of a cost controller in these committees, in addition to the proper pricing of the transfer between units / between companies and the valuation of stocks, ensures the management of total costs. The division`s intention was to highlight the need for „cost controllers“ at audit committee meetings as statutory auditor, but not as a member. The legislative intention is to form audit committees only by directors. Therefore, the use of these formulations should not be interpreted in such a way that auditors are members of audit committees. (7) Exercise of any other function, as referred to in the statutes of the Selection Board (6) Examination of the nature and extent of the audit and examination after examination of the matter In accordance with section 292A of the Companies Act 1956, the audit committee should have regular meetings with the statutory auditors on internal control systems, including the observations of the statutory auditor and the review of the half-yearly and annual accounts. s before the presentation to the Management Board and the establishment of internal control systems for compliance. It has the power to investigate all matters relating to such matters and has unlimited access to the information contained in the company`s registers. The Department considered whether the auditor appointed under section 233B of the Companies Act 1956 could or should be invited to the audit committee established under section 292A. Circular No. 6/2001 of 20.8.2001 was specified in no case that the cost controller, wherever appointed, must also participate and participate in the meetings of the audit committee, but does not have the right to vote.

(2) List of significant related party transactions (as defined by the Audit Committee), presented by management 16. The Secretary should duly inform the auditors, etc., of their participation in the meetings of the audit committee. Unlike the audit body and the internal audit body, the auditor cannot be a member of the audit committee. The Corporate Affairs Division has clarified General Circular No. 2/2003 of 9-1-2003. In accordance with Article 49 (II) (C) of the Rating Agreement, an Audit Committee would have the following powers. The recommendations of the audit committee on all matters relating to financial management, including the audit report, shall be binding on the Management Board. If the Board of Directors does not agree with the recommendations of the Audit Committee, the Board of Directors must retain the reasons for the disagreement and inform the shareholders who must be notified to the General Meeting. The shareholders` position on these issues is final. 14.

The auditors of the company, where applicable the internal auditor and the financial director may participate and participate in the meetings of the audit committee, but shall not have the right to vote at the meetings of that committee. (13) Verify, where appropriate, the adequacy of the internal audit function, including the structure of the internal audit division, the staffing and seniority of the official heading the division, the scope of the reporting structure and the frequency of internal audit; § 292A, subsection 5, provides that the audit body, where appropriate internal auditors and finance directors, shall participate and participate in a meeting of audit committees without the right to vote. . . .

Comments are closed for this entry.

Laut DSGVO müssen wir Dich über die Verwendung von Cookies informieren. Durch Deinen Besuch stimmst Du dem zu.