Audit committee has to review certain information mandatorily, what are these items ?
CS Professional · Advanced Company Law and Practice · PYQS · June 2021
Audit committee has to review certain information mandatorily, what are these items ?
Answer & Explanation:
As per Regulation 18(3) read with Part C of Schedule II of the SEBI (LODR) Regulations, 2015, the audit committee shall mandatorily review the following information: management discussions and analysis of financial condition and results of operations; statement of significant related party transactions (as defined by the audit committee), submitted by management; management letters/letters of internal control weakness issued by the statutory auditors; internal audit report relating to internal control weaknesses; and the appointment, removal and terms of remuneration of chief internal auditor shall be subject to review by audit committee. statement of deviations: quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock exchange(s) in terms of Regulation 32(1). annual statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice in terms of Regulation 32(7).
Topics: Corporate Governance
Related Questions in this Topic
- Narrate briefly the importance of Corporate Governance Report and also state who can certify the compliance of such repo...
- The Board of Directors of Fast Limited decided at their first Board meeting that every year, the board meeting shall be ...
- The Board of Directors of Fast Limited decided at their first Board meeting that every year, the board meeting shall be ...
- Narrate the eligibility conditions for appointment of auditors under the Hong Kong Companies Ordinance.
- Certain classes of Company should include in the Report by its Board of Directors a statement indicating the manner in w...