The scope of the Audit Committee includes the references made under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as well as and applicable provisions of Companies Act, 2013.

The Audit Committee Comprises As Under
Formatted Content
Terms of Reference of Audit Committee
  1. Oversight of the Company's financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible;
  2. Recommendation for appointment, remuneration and terms of appointment of auditors of the company;
  3. Approval of payment to statutory auditors for any other services rendered by the statutory auditors;
  4. Reviewing, with the management, the annual financial statements and auditor's report thereon before submission to the board for approval, with particular reference to:
    1. Matters required to be included in the Director's Responsibility Statement to be included in the Board's report in terms of clause (c) of sub-section 3 of Section 134 of the Companies Act, 2013;
    2. Changes, if any, in accounting policies and practices and reasons for the same;
    3. Major accounting entries involving estimates based on the exercise of judgment by management;
    4. Significant adjustments made in the financial statements arising out of audit findings;
    5. Compliance with listing and other legal requirements relating to financial statements;
    6. Disclosure of any related party transactions;
    7. Modified opinion(s) in the draft audit report.
  5. Reviewing, with the management, the quarterly financial statements before submission to the Board for approval;
  6. Reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document / prospectus / notice and the report submitted by the monitoring agency monitoring the utilisation of proceeds of a public or rights issue, and making appropriate recommendations to the Board to take up steps in this matter;
  7. Review and monitor the auditor's independence and performance, and effectiveness of audit process;
  8. Approval or any subsequent modification of transactions of the Company with related parties;
  9. Scrutiny of inter-corporate loans and investments;
  10. Valuation of undertakings or assets of the company, wherever it is necessary;
  11. Evaluation of internal financial controls and risk management systems;
  12. Reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;
  13. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit;
  14. Discussion with internal auditors of any significant findings and follow up there on;
  15. Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure or internal control systems or a material nature and reporting the matter to the board;
  16. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern;
  17. To look into the reasons for substantial defaults in the payment to the depositors, debenture-holders, shareholders (in case of non-payment of declared dividends) and creditors;
  18. To review the functioning of the Whistle Blower Mechanism;
  19. Approval of appointment of CFO (i.e., the whole-time Finance Director or any other person heading the finance function or discharging that function) after assessing the qualifications, experience and background, etc. of the candidate;
  20. Carrying out any other function as is mentioned in the terms of reference of the Audit Committee.
  21. Reviewing the utilization of loans and/ or advances from/investment by the company in its subsidiaries exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower including existing loans / advances / investments existing.
  22. Reviewing the following information:
    1. Management discussion and analysis of financial condition and results of operations;
    2. Management letters/letters of internal control weaknesses issued by the statutory auditors;
    3. Internal audit reports relating to internal control weaknesses; and
    4. The appointment, removal and terms of remuneration of the Chief Internal Auditor shall be subject to review by the Audit Committee.
    5. statement of deviations:
      1. Quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock exchange(s) in terms of Regulation 32(1).
      2. annual statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice in terms of Regulation 32(7)
  23. consider and comment on rationale, cost-benefits and impact of schemes involving merger, demerger, amalgamation etc., on the listed entity and its shareholders.
  24. Responsibility under Risk Based Internal Audit pursuant to RBI Circular dated February 03, 2021:
    1. Primarily responsible for overseeing IA function
    2. Approve RBIA Policy defining purpose, authority & responsibility with demarcating roles & responsibilities for IA & Risk Management function
    3. Approve RBIA plan ensuring coverage of all risks with defined time lines
    4. Review of Audit Function atleast annually
    5. Promote use of new audit technologies / tools
    6. Periodic review of RBIA policy
    7. Developing effective audit function for providing quality assurance on the internal control mechanism.
    8. Understanding the risk assessment methodology and approving the audit plan
    9. Ensuring the adequate audit coverage to monitor compliance with policies and procedures.
    10. Approving the audit charter
    11. Receiving the audit reports and deliberating on action plans to enhance the internal control environment.
    12. Discussing status of (key) open issues from the previous audits and remediation action steps taken by the management.
    13. Assessing the performance of IAF. The AC should also periodically assess the performance of risk based internal audits for its reliability, accuracy and objectivity.
    14. Review the findings identified in the RBI Inspection report and other regulatory inspections (SEBI/Audit/Exchange Audit) and follow up on corrective actions.
    15. Review the key findings in the monthly Concurrent Audit Reports.
    16. Review the key audit findings with the entity Audit Committees; analyse potential impact and remediation plans.
    17. To formulate and maintain a quality assurance and improvement programme that covers all aspects of the internal audit function.
lol英雄联盟在线登录网站 战雄电竞(兰州)下注季节 esg电竞(江苏)平台在线2.8.4 英雄联盟竞猜下载入口v4.4 IOS版 星火电竞公告比赛 电竞体育(武汉)观看全球网址