An audit committee is the bedrock of quality governance. An effective audit committee is a pre-requisite for achieving high standard of governance. The committee recommended a bigger role for the audit committee. The committee suggested that the audit committee of publicly listed companies should be required to review the following information mandatorily:
- Financial statements and draft audit reports including quarterly and half yearly information.
- Management discussion and analysis of financial condition and the results of operations.
- Report relating to compliance with laws and risk management.
- Management letters of internal control weaknesses issued by statutory internal auditors.
- Records of related ...