Audit Committee requirement: AMCs must establish independent audit committees to oversee financial reporting, audits and controls. AMCs must constitute an Audit Committee to oversee Mutual Fund financial reporting, audit processes, internal controls and compliance. The Committee shall review financial reporting and audit outputs, ensure rectification of auditor observations, recommend appointment or removal of auditors, review internal audit scope and reports (including outsourced critical activities), assess implementation of audit action points, and forward internal audit observations to Trustees. Membership requires minimum three directors with at least two thirds independent directors and a finance experienced independent Chair. The Committee must meet regularly and interact with auditors without management present.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Audit Committee requirement: AMCs must establish independent audit committees to oversee financial reporting, audits and controls.
AMCs must constitute an Audit Committee to oversee Mutual Fund financial reporting, audit processes, internal controls and compliance. The Committee shall review financial reporting and audit outputs, ensure rectification of auditor observations, recommend appointment or removal of auditors, review internal audit scope and reports (including outsourced critical activities), assess implementation of audit action points, and forward internal audit observations to Trustees. Membership requires minimum three directors with at least two thirds independent directors and a finance experienced independent Chair. The Committee must meet regularly and interact with auditors without management present.
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