procedure (clauses 158 to 189); (d) the presentation of company accounts, their audit, and the powers and duties of auditors (clauses ... crores or more shall be required to set up an Audit Committee of the Board of Directors as a measure for better corporate governance; (viii
case of a company whose accounts are subject to audit by an auditor appointed by the Comptroller and Auditor-General of India, be filled ... company. (11) Where a company is required to constitute an Audit Committee under section 177, all appointments, including the filling of a casual vacancy
terms and conditions as may be prescribed and appointed by the audit committee or in its absence by the Board of Directors of that company
services as are approved by the Board of Directors or the audit committee, as the case may be, but which shall not include ... subsidiary company, namely:— (a) accounting and book keeping services; (b) internal audit; (c) design and implementation of any financial information system; (d) actuarial services
after clause (1), the following clauses shall be inserted, namely:— ‘(1a) “Audit Committee” means the Committee constituted under section 19C; (1b) “Board of Directors
Section 177 in The Companies Act, 2013
177. Audit Committee.—
(1) The Board of Directors of every listed company and such other class or classes ... companies, as may be prescribed, shall constitute an Audit Committee. (2) The Audit Committee shall consist of a minimum of three directors with independent directors
Section 292A in The Companies Act, 1956
292A. Audit Committee
(1) Every public company having paid-up capital of not less than five crores ... including the audit report, shall be binding on the Board. (9) If the Board does not accept the recommendations of the Audit Committee, it shall
pertaining to financial reporting, have disclosed to the
auditors and the Audit Committee, deficiencies in the
design or operation of such internal controls ... those deficiencies (v) they have indicated to the
auditors and the Audit Committee, the instances of
significant fraud of which they have become aware
Companies Act, for
misuse and fraudulent abuse of the structure of audit committee. The relevant
allegations read as under:
297. During ... Goyal and
Anil S. Supanekar were the members of the Audit Committee of
BPSL. Investigation established that Anil S Supanekar resigned from
the above committee
pointed out that the two applicants herein were members of the audit
committee. They were included in the audit committee as members, as
they possess ... with statutory auditors before the audit commences, about the
nature and scope of audit as well as postaudit discussion to ascertain any
area
