Amal Ltd | Annual Report 2022-23 • 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 the 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 • significant transactions and arrangements entered into by the unlisted subsidiary company • 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 the 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 Auditors’ independence, performance and effectiveness of the audit process • the Financial Statements, in particular, investmentsmade by an 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 the 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
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