Amal Ltd | Annual Report 2021-22 3. Committees of the Board The Board has constituted the following committees: » Audit Committee » Corporate Social Responsibility Committee » Nomination and Remuneration Committee » Stakeholders Relationship 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 area of concern » valuation of undertakings or assets, wherever necessary iii) Formulating: » Code of conduct and related matters » scope, functioning, periodicity and methodology for conducting the internal audit in consultation with the Internal Auditor 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 » compliance reports of all applicable laws as well as steps taken to rectify instances of non-compliances periodically » compliance with the provisions of the SEBI (Prohibition of Insider Trading) Regulations, 2015 at least once in a financial year and verify that the systems for internal control are adequate and are operating effectively » financial reporting process and the disclosure of financial information to ensure that the Financial Statements are correct, credible and sufficient » 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 » reasons for substantial defaults, if any, in the payment to the depositors, the debenture holders, the members (in case of non-payment of declared dividends) and creditors
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