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What is the quorum for the audit committee?

b) The quorum for audit committee meeting shall either be two members or one third of the members of the audit committee, whichever is greater, with at least two independent directors.

What is the minimum number of members of the audit committee?

(2) The Audit Committee shall consist of a minimum of three directors with independent directors forming a majority: Provided that majority of members of Audit Committee including its Chairperson shall be persons with ability to read and understand, the financial statement.

What are the powers of the audit committee?

Powers of Audit Committee: The Audit committee shall have the authority To call for the comments of the auditors about internal control systems, the scope of audit, including the observations of the auditors and review of financial statement before their submission to the Board.

What is the audit committee charter?

The Committee is appointed by the Board of Directors to (a) assist the Board in its oversight of (i) the integrity of the Companys consolidated financial statements, (ii) the Companys compliance with legal and regulatory requirements, (iii) the Companys system of internal controls, (iv) certain aspects of the

How many members can an audit committee have?

The audit committee members are appointed by the council and shall consist of at least three (3) members.

What are the four areas over which the audit committee would typically have responsibility?

The primary purpose of a companys audit committee is to provide oversight of the financial reporting process, the audit process, the companys system of internal controls and compliance with laws and regulations.

What is the minimum meeting of audit committee?

a) The audit committee shall meet at least four times in a year and not more than one hundred and twenty days shall elapse between two meetings.

What is the average size of an audit committee?

Most audit committees have 3-4 members and are usually chaired by persons with experience as a CFO, external auditor, or CEO. Audit committees meet 6-10 times per year, either face-to-face or via teleconference, with the former lasting from 14 hours and the latter 12 hours.

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