Amal Ltd 2012-13

11 iii) Reviewingmatters under theDirectors’Responsibility Statement tobe included in theDirectors’ Report in terms of Clause (2AA) of Section217of theCompaniesAct, 1956 iv) Reviewingof the following informationmandatorily Management Discussion&Analysis of financial condition and results of operations Statement of significant related party transactions (as defined by the Audit Committee), submittedby theManagement Internal audit reports relating toweaknesses in Internal Control Systems Appointment, removal and terms of remunerationof theChief Internal Auditor v) Reviewing quarterly | annual financial statements with the Management before submission to the Board, focusingprimarily on Any changes inAccountingPolicies andpractices Major accounting entries basedon exerciseof judgement by theManagement Qualifications in thedraft audit report Significant adjustments arisingout of audit Going concernassumption CompliancewithAccounting Standards Compliance with the Stock Exchanges and legal requirements concerning financial statements Any related party transactions, that is, transactions of the Company of material nature, with Promoters or the Management, their subsidiary companies and relatives, among others,thatmay have potential conflictwith the interest of theCompany at large vi) Reviewing with the Management, external and Internal Auditors, the adequacy of Internal Control Systems vii) Reviewing adequacy of Internal Audit function, including the structure of Internal Audit Department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of Internal Audit viii) Reviewing findings of any internal investigations by the Internal Auditors into matters where there is suspected fraud or irregularity or a failure of Internal Control Systems of material nature and reporting suchmatters to theBoard ix) Reviewing financial and riskmanagement policies x) Reviewing reasons for substantial defaults, if any, in the payment to the depositors, debenture holders, Members (incaseof non-payment of declareddividends) and creditors xi) Reviewingperiodically compliance reports of all laws applicable to the Company aswell as steps taken to rectify instances of non-compliances xii) Reviewing financial statements xiii) Reviewingall significant transactions            