Amal Ltd 2015-16

29 3. Committees of the Board The Board has constituted the following Committees: » Audit Committee » Stakeholders Relationship Committee » Nomination and Remuneration Committee » Independent Directors Committee 3.1 Audit Committee 3.1.1 Role i) Approving » appointment of the Chief Financial Officer » transactions with related parties and subsequent modifications thereof ii) Conducting » pre-audit discussions with the Auditors regarding nature and scope of the audit and post-audit discussion to ascertain any areas of concern » valuation of undertakings or assets, wherever necessary iii) Formulating » scope, functioning, periodicity andmethodology for conducting the Internal Audit inconsultation with the Internal Auditor » Code of Conduct and related matters iv) Reviewing » adequacy of the 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 » significant transactions and arrangements entered into by the unlisted subsidiary companies » the Auditors’ independence, performance and effectiveness of the audit process » periodically with the Auditors the Internal Control Systems, the scope of audit including the observations of the Auditors and the Financial Statements before submission to the Board » the annual Financial Statements and Auditors’ Report with the Management before submission to the Board for approval with particular reference to: - any changes in Accounting Policies and practices - compliance with Accounting Standards - compliance with the Stock Exchanges and legal requirements concerning the Financial Statements - disclosure of any Related Party Transactions - going concern assumption - major accounting entries involving estimates based on exercise of judgment by the Management