27 » significant transactions and arrangements entered into by the unlisted subsidiary company » the Auditors’ independence, performance and effectiveness of the audit process » the annual Financial Statements and Auditor’s Report with the Management before submission to the Board for approval with particular reference to: – any change 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 judgement by the Management – matters required to be included in the Directors’ Responsibility Statement for the Directors’ Report – qualifications in the draft Audit Report – significant adjustments made in the Financial Statements arising out of audit findings » the Financial Statements, in particular, investments made by unlisted subsidiary company » the following information mandatorily: – appointment, removal and terms of remuneration of the Chief Internal Auditor – Internal Audit Reports relating to weaknesses in the internal control systems – Management Discussion and Analysis of financial condition and results of operations – management letters | letters of internal control weaknesses issued by the Statutory Auditors – statement of related party transactions submitted by the Management » the functioning of whistleblowing mechanism » utillisation of loans | advances from the holding company to the subsidiary company or investments by the holding company in the subsidiary company exceeding ` 100 cr or 10% of the asset size of the subsidiary company, whichever is lower » with the Internal Auditors any significant findings and follow-up thereon, including findings of any internal investigations into matters where there is suspected fraud or irregularity or failure of the internal control systems of material nature and reporting such matters to the Board » with the Management the statement of uses | applications of funds raised through an issue (public issue, rights issue, preferential issue, etc), the statement of funds utilised for the purposes other than those stated
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