Company Overview Financial Statements Notice Statutory Reports 21 Rudolf Atul Chemicals Ltd | Annual Report 2020-21 3. Committees of the Board The Board has const i tuted the fol lowing Committees: • Audit Committee • Nomination and Remuneration Committee • Corporate Social Responsibility Committee 3.1 Audit Committee 3.1.1 Role i) Approving: • appointment of theChief Financial Officer • transactions with related parties and subsequent modifications thereof ii) Conducting: • pre-audit discussions with the Auditors regarding nature and scope of the audit and post-audit discussion to ascertain any areas of concern • valuation of undertakings or assets, wherever necessary iii) Formulating: • scope, functioning, periodicity and methodology for conducting the internal audit in consultation with the Internal Auditor • Code of Conduct and related matters iv) Reviewing: • adequacy of the 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 • significant transactionsandarrangements entered into by the unlisted subsidiary companies • theAuditors’ independence, performance and effectiveness of the audit process • periodicallywith the Auditors, the internal control systems, the scope of audit, including the observations of the Auditors and the Financial Statements before submission to the Board • the annual Financial Statements and Auditor’s Report with the Management before submission to the Board for approval with particular reference to: - any change in accounting policies and practices - compliancewithaccountingstandards - disclosure of any related par ty transactions - going concern assumption - major accounting entries involving estimates based on the exercise of judgement by the Management - matters required to be included in the Directors’ Responsibility Statement for the Directors’ Report - qualifications in thedraft Audit Report - significant adjustments made in the Financial Statements arising out of audit findings • with the Internal Auditors any significant findings and follow-up thereon, including findings of any internal investigations into matterswhere there is suspected fraud or irregularity or failure of the internal control systems of material nature and reporting such matters to the Board • financial reporting process and the disclosure of financial information to ensure that the Financial Statements are correct, credible and sufficient • compliance reports of all applicable laws aswell as steps taken to rectify instances of non-compliances periodically • reasons for substantial defaults, if any, in the payment to the depositors, the debenture holders, the Members (in case
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