Audit Committee Meeting

[Vikram Mishra]

Dear Learned Members,

Our Company is Unlisted Public Company having PUC more than 10 Cr.

I have also formed Audit Committee on 1 Dec 2014. As per Companies act, there should be four Auidit committee Meetings in minimum.

I want to knw that what should be the Common agenda for meetings of AC in case of My Company.

Please Suggest.  

[Peer Mehboob]

1. Discussion on Management and analysis of financial condition and results of operations.

2. Review of quarterly financial statements with the finance and accounts team and internal auditors.

3. Disclose as regards the the effect on the financial results of material changes in the composition of the company, if any,

 4. Discussion on compliance with all accounting standards.

5.  Discussion on internal audit report for the last quarter.

6.  Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit.

7. Review of Statement of significant related party transactions.

8. Recommend the appointment of statutory auditor and approval of their fees

9. Any other matter with the approval of Board.

  

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[Vikram Mishra]

Can u please provide me the format ... 

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Thanks & Regards…?

CS Vikram Kumar Mishra

Company Secretary,

Mob- 9163693160

[Peer Mehboob]

You can use a general format of agenda of any Board Meeting..inserting above common items of agenda.

[VIMAL SHARMA Compliance]

I don't think there is requirement of holding minimum 4 meetings in a FY. Minimum 4 ACM given in Listing agreement only.

Thanks & Regards,

Vimal Sharma

Move out of your comfort zone, You can only grow, if you are willing to feel awkward and uncomfortable, when you try something New..

[Peer Mehboob]

Unlike section 292A of Companies Act, 1956, Sec. 177 of CA, 2013 does not clearly specify the frequency of meetings of Audit Committee. However, S.177(4)(iii) states that the Audit Committee shall examine the financial statement and the auditors’ report thereon. Hence unless otherwise required there shall be a minimum of at least 1 Audit Committee Meeting in an year. In case of Listed companies, the Audit Committee will meet once in a quarter to approve the quarterly financial results.

[VIMAL SHARMA Compliance]

Yes for the item mentioned in the scope of Audit Committee, you need to convene such meeting....otherwise not required..