Atul Ltd 2020-21

55 Corporate Overview 01 - 21 Statutory Report 22 - 87 Financial Statements 88 - 229 3. Committees of the Board The Board has constituted the following Committees: • Audit Committee • Nomination and Remuneration Committee • Stakeholders Relationship Committee • Corporate Social Responsibility Committee • Investment Committee • Risk Management 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 and methodology for conducting the internal audit in consultation 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 • 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 • 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 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