Audit committee - an overview - Corporate Law

Audit committee - an overview

Page no : 3

CMA. CS. Sanjay Gupta ("PROUD TO BE AN INDIAN") (114215 Points)
Replied 13 January 2012

Thanks Neha Ji for Noticing.....

Corrigendum to the Provisons...

(B) Meeting of Audit Committee

The audit committee should meet at least four times in a year and not more than four months shall elapse between two meetings. The quorum shall be either two members or one third of the members of the audit committee whichever is greater, but there should be a minimum of two independent members present.

II Audit Committee.

A. Qualified and Independent Audit Committee

A qualified and independent audit committee shall be set up and shall comply with the following:

(i) The audit committee shall have minimum three directors as members. Two-thirds of the members of audit committee shall be independent directors.

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CMA. CS. Sanjay Gupta ("PROUD TO BE AN INDIAN") (114215 Points)
Replied 13 January 2012

Amended Article Attached....Apologies to all for the mistake.

Audit Committee - An Overview

Attached File : 149668 906769 audit committee an overview.doc downloaded: 80 times

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(Guest)

Thankyou bhaiah, for sharing all information regd Audit committee..,

1992 stock scam means, I think it must be Harshad mehta, the bigbull, one way he is responsible to the major turning point in the history of companies...,

Though you have covered everything, I could go through only half of that.. till now., I just wonder, bhaiah, regarding qualification.., min. one member should be financial expert and for all other members, just basic knowledge of p&l a/c, balance sheet is enough!!!! I know I am too little to talk about this, but felt, Audit committee should have all experts to to do justice to such committee...,

When I get doubts on this, I hope I can discuss here...

CMA. CS. Sanjay Gupta ("PROUD TO BE AN INDIAN") (114215 Points)
Replied 18 January 2012

Thanks Harini for your comments. Never underestimate yourself, everybody have their own ideas. Yes your point is good Audit Committee shall consist of more financial experts. And everybody is open to discuss any doubts here, as all of us will gain through discussion.

Regards.

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