Investor Center Corporate Governance Board Committees Board Audit Committee | Board Audit Committee |
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ROLE OF THE COMMITTEEThe primary function of the Audit Committee is to assist the Board of Directors in fullfilling the following objectives: ♦ Oversee financial reporting♦ Evaluate the internal and external audit processes; and ♦ Assess the company's processes relating to its risk and control environment CHARTER To view the Audit Committee Charter, please click here. MEMBERS The Directors have established a Board Audit Committee comprising of three members, including the Chairman (one of the members is a Chartered Accountant) all of whom are non-executive directors of the Company. The details of attendance of Directors for the year 2008-2009 is as follows:
* Independent Non Executive Director COMMITTEE'S PROCEDURESMeetings are conducted atleast once every quarter of the year prior to approval of interim results of the Company by the Board and before and after completion of external audit. The Company Secretary is the Secretary of the Board Audit Committee. The minutes of the meetings of the Audit Committee are provided to all members, directors and the Chief Financial Officer. In order to form a quorum for the meeting, atleast two members shall be present. In the absence of the Chairman, the members present shall elect a Chairman for the meeting from amongst the members present. Chief Executive Officer, Chief Financial Officer, a representative of Internal Auditors and a representative of the External Auditors attend meetings of the Audit Committee at which issues relating to accounts and audit are discussed. The Audit Committee, atleast once a year, meets the External Auditors without the Chief Financial Officer and the Internal Auditors being present. The Audit Committee, atleast once a year, meets the Internal Auditors without the Chief Financial Officer and the External Auditors Audit being present. |
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