diary of a case
AUDIT COMMITTEE AND ITS PRACTICES
1. Composition, Names of Members and Chairperson:
The Audit Committee comprises of four Independent Non-Executive Directors:
Name of the Member
Designation
Category
Mr. P. R. Barpande
Chairman/Member
Independent Director
Mr. Chandrakant Kamdar
Member
Independent Director
Mr. P. G. Kakodkar
Member
Independent Director
Mr. R. Devarajan
Member
Independent Director
2. Brief Description of terms of reference/Responsibility of the Audit Committee:
The Audit Committee of the Company, inter-alia, provides assurance to the Board on the adequacy of the internal control systems and financial disclosure.
The functioning of the committee includes the following:
1. To oversee the Company’s financial reporting process and to ensure correct disclosure of financial information in the financial statement;
2. To recommend the appointment and removal of external auditor, fix audit fees and approval the payment for any other services;
3. To review, discuss with the Management and pre-approve the annual audited financial statements, and quarterly/half-yearly financial statements before submission to the Board focusing primarily on any changes in accounting policies and practices, major accounting entries based on the exercise of judgement by the Management, significant adjustments arising out of audit, the going concern assumptions, compliance with Accounting Standards, compliance with Stock Exchanges and legal requirements concerning financial statements, any related party transactions i.e. the Company’s transactions of material nature with Promoters or Management or their relatives, its subsidiaries, etc. that may have potential conflict with the Company’s interest at large;
4. To review with the management, external and internal auditors, the adequacy of internal control measures;
5. To review the adequacy of internal audit function;
6. To review the findings of internal investigations into matters where there
1. Composition, Names of Members and Chairperson:
The Audit Committee comprises of four Independent Non-Executive Directors:
Name of the Member
Designation
Category
Mr. P. R. Barpande
Chairman/Member
Independent Director
Mr. Chandrakant Kamdar
Member
Independent Director
Mr. P. G. Kakodkar
Member
Independent Director
Mr. R. Devarajan
Member
Independent Director
2. Brief Description of terms of reference/Responsibility of the Audit Committee:
The Audit Committee of the Company, inter-alia, provides assurance to the Board on the adequacy of the internal control systems and financial disclosure.
The functioning of the committee includes the following:
1. To oversee the Company’s financial reporting process and to ensure correct disclosure of financial information in the financial statement;
2. To recommend the appointment and removal of external auditor, fix audit fees and approval the payment for any other services;
3. To review, discuss with the Management and pre-approve the annual audited financial statements, and quarterly/half-yearly financial statements before submission to the Board focusing primarily on any changes in accounting policies and practices, major accounting entries based on the exercise of judgement by the Management, significant adjustments arising out of audit, the going concern assumptions, compliance with Accounting Standards, compliance with Stock Exchanges and legal requirements concerning financial statements, any related party transactions i.e. the Company’s transactions of material nature with Promoters or Management or their relatives, its subsidiaries, etc. that may have potential conflict with the Company’s interest at large;
4. To review with the management, external and internal auditors, the adequacy of internal control measures;
5. To review the adequacy of internal audit function;
6. To review the findings of internal investigations into matters where there