Dear All
Is there a requirement that 1 meeting should be held in each quarter for an audit acommittee meeting like the Board Meetings and 4 such meetings in a year.
Regards
Anshu
Priyanka
(Assistant Company Secretary)
(905 Points)
Replied 13 April 2012
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 13 April 2012
Hello Anshu,
Kindly appreciate minutes of audit committee in a public unlisted company are governed by section 292A which is silent about the minimum number of meetings in a Financial year.
However practice followed in most of the listed companies is guided by Clause 49 of Listing Agreement to have minimum 4 AC meetings in a financial year. Reason being in a listed company first audit committee considers the accounts for all 4 quarters as per its terms of reference.
After discussion on Accounts the committee forwards the same to the Board of Directors of the company for their approval and Auditors for their report.
So in public unlisted companies frequency of AC meeting depends on the terms of reference of AC and practice prevalent in your company. I would also advise you to have 4 AC meetings during the financial year.
Regards
$ Pillu $
(**Love - Live**)
(467 Points)
Replied 13 April 2012
Anshu Shrivastava
(company secretary)
(143 Points)
Replied 13 April 2012
Thanks everybody
to be more specific will there be a non compliance if the audit committee meeting is held on 19.12.2011 and the next AC meeting on 13. 04.2012.?
Regards
Anshu
Khushboo Maheshwari
(Company Secretary)
(548 Points)
Replied 16 April 2012
It actually depends upon the practise adopted by your company if it is an unlisted public limited company, like in our company we have specifically taken approval from the Board to hold only two audit committee meetings in an year, one for half yearly accounts n another for yearly accounts..
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