2009-10 - Aditya Birla Nuvo, Ltd

BIRLA SUN LIFE INSURANCE COMPANY LIMITED
Para Guidelines Compliance status
Role and responsibilities of the
Committees:
7.1 Audit Committee (Mandatory)
Audit Committee should oversee financial
statements, reporting on annual and
quarterly basis and setting-up of process
for checks and control mechanism
Chairman should be an Independent
Director
Association of CEO should be limited to
eliciting any specific information relating
to audit findings
Oversee functioning of internal audit
department and review its reports
Responsible for appointment,
remuneration, performance and oversight
of work of auditors (internal/statutory/
concurrent)
Independence of Statutory Auditors should
be ensured (though appointment and other
activities is undertaken by shareholders at
their general meetings)
Oversight on process and procedures on
issues relating to maintenance of books
etc.
Pre-audit discussion with statutory auditors
over nature and scope of audit and postaudit
discussion on areas of concern
Additional work other than statutory /
internal audit handled by the auditor or
any of its associated person or companies
shall be approved specifically by the Board
with view of independence and integrity
of audits.
All additional audit works entrusted to the
auditors or its associates or companies shall
specifically disclosed in the Notes to
Accounts, forming part company’s annual
accounts
Pursuant to provisions of Companies Act,
1956, Company had constituted an Audit
Committee and it is governed by a
documented charter.
To align with the IRDA CG Guidelines
the existing charter has been altered and
approved by the Board.
Adhered
Audit Committee is chaired by Mr. Gian
P. Gupta, Non-executive & Independent
Director
Adhered
Adhered
Ensured
Ensured
Adhered
Adhered
Ensured
Sufficient disclosures, if any, are made
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