42 / 140
Atul Ltd | Annual Report 2011-12
iv) Reviewing of the following information mandatorily
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) Reviewing findings of any internal investigations by the Internal Auditors into matters where there is suspected fraud
or irregularity or a failure of Internal Control Systems of material nature and reporting such matters to the Board
ix) Reviewing financial and risk management policies
x) 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
xi) Reviewing periodically compliance reports of all laws applicable to the Company as well as steps taken to rectify
instances of non-compliances
xii) Reviewing financial statements, in particular, the investments made by the unlisted subsidiary companies
xiii) Reviewing all significant transactions and arrangements entered into by the unlisted subsidiary companies
xiv) 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
xv) Recommending appointment and removal of the Statutory Auditors and fixation of audit fees, and approval for
payment for any other services
xvi) Determining | formulating the Code of Conduct and related matters
xvii) Determining procedures about the risk assessment and minimisation and reviewing periodically to ensure that the
executive management control risks through means of a properly defined framework
xviii) Discussing with the Internal Auditors on any significant findings and follow up thereon
xix) 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
xx) 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
xxi) Ensuring compliance of Internal Control Systems