The audit committee also has the authority to consider matters relating to the issues mentioned in this section or the issues submitted to it by the Board of Directors. To carry out this investigation, the audit committee has full access to the information contained in the company`s documents and, if necessary, to external technical advice. (6) Findings of all internal investigations conducted by internal auditors on suspected fraud or irregularity or failure of physical internal control systems, and notification of the matter to the Board of Directors (5) Performance of internal auditors and auditors, adequacy of internal control systems and adequacy of internal audit function than auditors , internal auditors, if any, and CFOs participate in and participate in the meeting of non-voting audit committees. The cost controller, as an internal auditor, may also participate in audit committee meetings. In its circular of 01.09.2003, the Department reaffirmed that the auditor could not become a member of the Audit Committee and that he could only participate in the meeting without the right to vote, in cases where he was appointed. Any other interpretation is not within the jurisdiction of Section 292A and is incorrect. Note- To this end, the last day of the last audited transaction is a share capital or a turnover or outstanding credit, bonds and deposits, as may be the case on the last day of the last audited financial statements. If it is not the whole committee, it would seem that the whole committee is meeting, it must meet. [Re – Liverpool Household Stores Association Ltd. 59 LJ Ch 616] (6) When setting up an audit committee, it is necessary to ensure that two-thirds of the total number of audit committee members to be formed are directors other than executive directors or general managers. If there are three directors on a committee, two non-complete directors should be Clause 49 of the Uniform Listing Agreement, which is prescribed by the Securities and Exchange Board of India, applicable to all publicly traded companies. Article 49 of the list agreement deals with corporate governance and provides for the creation of a qualified and independent audit committee. (Note: a company auditors and senior executives have the right to be heard at audit committee meetings when reviewing the report of the statutory auditor but do not have the right to vote.) (1) The appointment, remuneration and terms of appointment of the auditors of the publicly traded company.
(c) The Audit Committee has the power to investigate any activity carried out within its mandate, to obtain information from each staff member, to seek legal or other external advice, and to ensure the presence of external persons with the necessary skills, if it deems it necessary; (13) Examine the adequacy of the internal audit function, if any, including the structure of the internal audit division, the staff and seniority of the head of the division, the coverage of the reporting structure and the frequency of the internal audit; 9. The Board`s decision should mediate the composition of the committee and the written mandate of the audit committee. (3) approval of payment to the statutory auditor for all other benefits of the statutory auditor; Provided that the audit committee can meet occasionally without the presence of executives of the listed company. 15. The fee controller is also considered an internal auditor and may attend meetings.