20 v) 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 vi) significant transactionsandarrangements entered into by the unlisted subsidiary companies vii) statement of related party transactions submitted by the Management viii) 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 the draft Audit Report • significant adjustments made in the Financial Statements arising out of audit findings ix) theAuditors’ independence, performance and effectiveness of the audit process x) the Financial Statements, in particular, investments made by the unl isted subsidiary companies xi) the 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 xii) the functioning of the whistleblowing mechanism xiii) with the Internal Auditors any significant findings and follow-up thereon, including findings of any internal investigations into matters where there is a suspected fraud or irregularity or failure of the internal control systems of material nature and reporting such matters to the Board xiv) with the Management the statement of uses | applications of funds raised through an issue (public issue, rights issue, preferent ial issue, etc) , the statement of funds utilised for purposes other than those stated and the report submitted by the monitoring agency monitoring the utilisation of proceeds of such issue e) Others: i) Determi n i ng procedures for r i sk assessment and minimisation, and reviewing them periodically to ensure that the Executive Management controls risks throughmeans of a properly defined framework ii) Evaluating internal financial controls and risk management system iii) Recommendingappointment, remuneration and terms of appointment of the Auditors and approval for payment for any other services iv) Scrutinising inter-corporate loans and investments v) Other functions asmentioned in the terms of reference of the Audit Committee
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