The Audit Committee acts as a link between the Statutory Auditors, the Internal Auditors and the Board of Directors. Its purpose is to assist the Board in fulfilling its oversight responsibilities of monitoring financial reporting processes, reviewing the Company’s established systems and processes for internal financial controls, governance and reviewing the Company’s statutory and internal audit activities. The Committee is governed by terms of reference which is in line with the regulatory requirements mandated by the Companies Act, 2013 and the Listing Agreement. Some of the important functions performed by the Committee are:
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Reviewing with the Management the quarterly unaudited financial statements and the Auditors’ Limited Review Report thereon/audited annual financial statements and Auditors’ Report thereon before submission to the Board for approval. This would, inter alia, include reviewing changes in the accounting policies and reasons for the same, major accounting estimates based on exercise of judgement by the Management, significant adjustments made in the financial statements and / or recommendation, if any, made by the Statutory Auditors in this regard.
Review the Management Discussion & Analysis of financial and operational performance.
Discuss with the Statutory Auditor its judgement about the quality and appropriateness of the Company’s accounting principles with reference to the Generally Accepted Accounting Principles in India (GAAP).
Review the investments made by the Company.
Review the adequacy and effectiveness of the Company’s system and internal controls.
Review and discuss with the Management the Company’s major financial risk exposures and steps taken by the Management to monitor and control such exposure.
To oversee and review the functioning of a vigil mechanism and to review the findings of investigation into cases of material nature and the actions taken in respect thereof.
Review the scope of the Statutory Auditors, the annual audit plan and the Internal Audit Plan with a view to ensure adequate coverage.
Review the significant audit findings from the statutory and internal audits carried out, the recommendations and Management’s response thereto.
Review and recommend to the Board the appointment/re-appointment of the Statutory Auditors considering their independence and effectiveness and their replacement and removal.
Approve such additional services to be rendered by the Statutory Auditors except those enumerated in Section 144 of the Companies Act, 2013 and payment for such services.
To recommend to the Board the remuneration of the Statutory Auditors.
To discuss with the Statutory Auditors/Chief Internal Auditors any significant difficulties encountered during the course of the Audit.
To approve the appointment, removal and terms of remuneration of the Chief Internal Auditor and to approve the appointment of the Chief Financial Officer.
To grant omnibus approval for related party transactions which are in the ordinary course of business and on an arms length pricing basis and to review and approve such transactions subject to the approval of the Board.
|Mr. Veepin Thokal||Chairman||Non Executive- Independent Director|
|Mrs. Sonali Chaudhary||Member||Non Executive- Independent Director|
|Mr. Subhash Agarwal||Member||Executive-Whole Time Director|