Audit Committee Report Sample

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Audit committee report template:

 

Template - 1

AUDIT COMMITTEE REPORT
For the Year 2012-2013

The Audit Committee consists of the following persons:

Mr. Osman Sarkar, Independent Director - Chairman

Mr. Prianka Chopra, Director - Member

Mr. Johan Sarkar, Director - Member

Mr. Ruhul Karbir, Company Secretary - Member Secretary

The scope of Audit Committee was defined as under:

•  Review and recommend to the Board to approve the quarterly, half-yearly and annual financial statements prepared for statutory purpose;

•  Monitor and oversee choice of accounting policies and principles, internal control risk management process, auditing matter, hiring and performance of external auditors;

•  Review statement of significant related party transactions submitted by the management.

•  Carry on a supervision role to safeguard the systems o governance and independence of statutory auditors; and

•  Review and consider the report of internal auditors and statutory auditors' observations on internal control.

Activities carried out during the year

The committee reviewed the integrity of the quarterly and annual financial statement and recommended to the Board for consideration. The committee had overseen, reviewed and approved the procedure and task of the internal audit, financial report preparation and the external audit reports. The committee found adequate arrangement to present a true and fair view of the activities and the financial status of the company and didn't find any material deviation, discrepancies or any adverse finding/observation in the areas of reporting.

____________
Osman Sarkar
Chairman
Audit Committee

Date: 15 th July, 2013


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