Amal Ltd 2013-14

Amal Ltd | Annual Report 2013-14 3.1 Audit Committee 3.1.01 Role i) Approving the appointment of Chief Financial Officer ii) Reviewing | Overseeing the financial reporting process and the disclosure of financial information to ensure that the Financial Statements are correct, sufficient and credible iii) Reviewing matters under the Directors’ Responsibility Statement to be included in the Directors’ Report in terms of Clause (2AA) of Section 217 of the Companies Act, 1956 iv) Reviewing the following information mandatorily  Management Discussion and Analysis of financial condition and results of operations  Statement of significant related party transactions (as defined by the Audit Committee), submitted by the Management  Internal audit reports relating to weaknesses in Internal Control Systems  Appointment, removal and terms of remuneration of the Chief Internal Auditor v) Reviewing quarterly | annual Financial Statements with the Management before submission to the Board, focusing primarily on  Any changes in Accounting Policies and practices  Major accounting entries based on exercise of judgement by the Management  Qualifications in the draft audit report  Significant adjustments arising out of audit  Going concern assumption  Compliance with Accounting 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, that may have potential conflict with the interest of the Company 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 such matters to the Board ix) Reviewing financial and risk management policies x) Reviewing reasons for substantial defaults, if any, in the payment to the depositors, debenture holders, Members (in case of non-payment of declared dividend) and creditors