25-08-2012, 10:14 AM
Committee
Committee complete.ppt (Size: 244 KB / Downloads: 28)
Audit committee
An Audit committee is to compare, evaluate and liaison between internal &external Audit
Made by BOD having at least 3 members non executive directors
Attendance at meeting
Must meet in a year quarterly
SECTION 32 states
CFO attend the meeting to discuss accounting issues
Meeting with external auditors with out CFO at least once a year
Meeting with other internal audit members without CFO &external Auditors at least once a year
Terms of Reference
SECTION 33 states
Is determined by BOD
Audit committee is authorized to recommend, to appoint,remove,compensate,span of work of the external auditors
Measures to safe guard the company's assets.
Insuring the co ordination between external &internal auditors
External auditors
SECTION 37 &38 states
No unregistered audit company
SECTION 39 states
appointing the external auditor with concent of BOD
SECTION 40 states
no other work except auditing &the services within IFAC rules shall be taken from external auditors