Technical Guide on the Functioning of Audit Committee & Its Review Checklist
The Audit Committee is inter alia responsible for liaison with the management; internal and statutory auditors, reviewing the adequacy of internal controls and compliance with the significant policies, procedures and
reporting to the Board on key issues. The idea of having independent directors on the Audit Committee originates from the concept of effective Corporate Governance. The Independent Directors bring objectivity to Board
decisions, protect common interest of the company and its stakeholders. The Companies Act 2013 requires certain classes of companies to constitute Audit Committee.
Corporate Laws & Corporate Governance Committee of ICAI has taken this initiative of bringing out the publication titled- “Technical Guide on the functioning of Audit Committee and its Review Checklist” which is a comprehensive and self-contained reference document for the guidance of Audit committee on its functions, role, duties and ensuring effectiveness. As the name suggest, this Guide also provides a checklist for review of the Audit
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