Role of Audit Committee in Internal Control
Role of the Audit Committee in internal control
The role of the Audit Committee to
(i) evaluation of internal financial controls and risk management systems;
(ii) reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;
(iii) reviewing the adequacy of the internal audit function, if any, including the structure of the internal audit department, staffing, and seniority of the official heading the department, reporting structure coverage and frequency of internal audit;
(iv) discussion with internal auditors of any significant findings and follow up thereon;
(v) reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of material nature and reporting the matter to the board;
(vi) discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern.
(vii) The Audit Committee shall mandatorily review the Internal audit reports relating to internal control weaknesses; and the appointment, removal, and terms of remuneration of the Chief internal auditor shall be subject to review by the Audit Committee.
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Salary of a Qualified CMA
Salary of a Qualified CMA
Best Career Option After Class 12th
Best Career Option After Class 12th
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Why to choose career in "CMA" ?
The Reasons to Choose a Career in "CMA"
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