Atul Ltd 2010-11

Atul Ltd | Annual Report 2010-11 iv) Mandatory reviewing of the following information Management Discussion & 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) Discussing with the Internal Auditors on any significant findings and follow up thereon ix) Reviewing findings of any internal investigations by the Internal Auditors into matters where there is suspected fraud or irregularity or failure of Internal Control Systems of material nature and reporting such matters to the Board x) Discussing with the Auditors before the audit commences regarding nature and scope of the audit as well as to have post-audit discussion to ascertain any areas of concern xi) Reviewing financial and risk management policies xii) Reviewing reasons for substantial defaults, if any, in the payment to the depositors, debenture holders, Members (in case of non-payment of declared dividends) and creditors xiii) Discussing with the Auditors, periodically, about Internal Control Systems, the scope of audit including the observations of the Auditors and review of quarterly, half-yearly and annual financial statements before submission to the Board xiv) Ensuring compliance of Internal Control Systems xv) Reviewing functioning of the Whistle Blower mechanism xvi) Formulating the Code of Conduct and related matters xvii) Periodically reviewing compliance reports of all laws applicable to the Company as well as steps taken to rectify instances of non-compliances xviii) Reviewing financial statements, in particular, the investments made by the unlisted subsidiary companies xix) Reviewing all significant transactions and arrangements entered into by the unlisted subsidiary companies xx) Determining procedures about the risk assessment and minimization and reviewing periodically to ensure that the executive management control risks through means of a properly defined framework xxi) Reviewing uses | applications of funds raised through public | right | preference issues by major categories vis-à-vis the purposes narrated in the offer document | prospectus | notice xxii) Approving the appointment of CFO