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100
Inspiring Years
Report on Corporate Governance
Significant adjustments, if any, arising out of audit
Composition
-
Compliance with Accounting Standards
The Audit Committee presently comprises six
Compliance with Stock Exchange and legal
Non-Executive Directors, five of whom are Independent
requirements concerning financial statements
Directors. The Chairman of the Committee is an
Independent Director. The Executive Director
Related party transactions
representing the Finance function, the Chief Financial
-
Qualifications, if any, in draft audit report
Officer, the Head of Internal Audit and the
-
Report of the Directors & Management Discussion
representative of the Statutory Auditors are Invitees to
and Analysis;
the Audit Committee. The Head of Internal Audit is the
Co-ordinator and the Company Secretary is the
(d) Reviewing with the management, external and internal
Secretary to the Committee. The representative of the
auditors, the adequacy of internal control systems
Cost Auditors is invited to meetings of the Audit
and the Company's statement on the same prior to
Committee whenever matters relating to cost audit are
endorsement by the Board;
considered. All members of the Committee are
(e) Reviewing the adequacy of the internal audit function,
financially literate; three members, including the
including the structure of the internal audit department,
Chairman of the Committee, have accounting and
staffing and seniority of the official heading the
financial management expertise
department, reporting structure, coverage and
The names of the members of the Audit Committee,
requency of internal audit;
including its Chairman, are provided under the section
(f) Reviewing reports of internal audit, including that
Board of Directors & Committees' in the Report and
of wholly owned subsidiaries,
Accounts.
internal auditors on any significant findings and
follow-up thereon;
Meetings and Attendance
g) Reviewing the findings of any internal investigations
Details of Audit Committee Meetings during the
by the internal auditors and the executive
financial year
management's response on matters where there is
suspected fraud or irregularity or failure of internal
During the financial year ended 31st March, 2011, nine
control systems of a material nature and reporting
meetings of the Audit Committee were held, as follows:
the matter to the Board;
(h) Discussion with the external auditors, before the audit
SI.
Date
Committee
No. of
commences, on nature and scope of audit, as well
No.
Strength
Members
present
as after conclusion of the audit, to ascertain any
areas of concern and review the comments contained
oth April, 2010
in their management letter;
i) Reviewing the Company's financial and risk
13th May, 2010
management policies;
3 21st May. 2010
(j) Looking into the reasons for substantial defaults,
8th June, 2010
f any, in payment to shareholders (in case of
non-payment of declared dividends) and creditors;
22nd July, 2010
(k) Considering such other matters as may be required
23rd September, 2010
by the Board;
29th October 2010
(1) Reviewing any other areas which may be specified
as role of the Audit Committee under the Listing
22nd December, 2010
Agreement, Companies Act and other statutes, as
amended from time to time.
21st January, 2011
ITC Report and Accounts 2011
15
Source: https://www.industrydocuments.ucsf.edu/docs/qnbx0223

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