Code of Corporate Governance

Q. Discuss the following in terms of Code of Corporate Governance:

(i) The CFO, the head of internal audit and representative of external auditors shall attend meetings of the Audit Committee at which issues relating to accounts and audit are discussed.

Ans: The CFO, the head of internal audit and representative of external auditors shall attend meetings of the Audit Committee at which issues relating to accounts and audit are discussed.

(ii) Audit Committee is also required to hold two exclusive meetings at least once a year. Identify with whom those meetings are held and who are excluded to attend the meetings.

Ans: Audit committee has to hold one exclusive meeting with one of the head of internal audit function without the CFO and external auditors being present.

The other exclusive meeting will hold with the external auditors without the CFO and the head of internal audit being present.

 (iii)   After the recent changes in the Code of Corporate Governance, one more committee of the board of directors is to be constituted in addition to the Audit Committee. Name the other committee.

 Ans: The other committee in Human Resource & Remuneration committee.