Company Overview Financial Statements Notice Statutory Reports 21 Rudolf Atul Chemicals Ltd | Annual Report 2021-22 3. Committees of the Board The Board has constituted the following Committees: • Audit Committee • Corporate Social Responsibility Committee • Nomination and Remuneration 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 area of concern • valuation of undertakings or assets, wherever necessary iii) Formulating: • code of conduct and related matters • scope, functioning, periodicity and methodology for conducting the internal audit in consultation with the Internal Auditor 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 • compliance reports of all applicable laws aswell as steps taken to rectify instances of non-compliances periodically • financial reporting process and the disclosure of financial information to ensure that the Financial Statements are correct, credible and sufficient • following information mandatorily: - appointment, removal and terms of remuneration of the Chief Internal Auditor - Internal Audit Reports relating to weaknesses in the internal control systems - ManagementDiscussionandAnalysis of financial condition and results of operations - management letters | letters of internal control weaknesses issued by the Statutory Auditors • periodical ly with 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 • reasons for substantial defaults, if any, in the payment to the depositors, the debenture holders, the members (in case of non-payment of declared dividends) and creditors • significant transactions and arrangements entered into by the unlisted subsidiary companies • statement of related party transactions submitted by the Management • 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 compliancewith accounting standards - disclosure of any related par ty transactions - going concern assumption
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