The document discusses audit committees and audit reports. It states that all listed companies and public companies meeting certain criteria regarding paid up capital, turnover, or outstanding loans must constitute an audit committee. The audit committee must have at least 3 directors, the majority of which must be independent directors. It must meet at least 4 times per year with gaps between meetings not exceeding 4 months. An audit report is a written opinion from an auditor on an entity's financial statements. Audit reports can include emphasis of matter paragraphs to draw attention to important matters.

1. AUDIT COMMITTEE &
AUDIT REPORTS
BHARATHI.K
ASSOCIATE PROFESSOR

2. AUDIT COMMITEE

3. The Board of directors of every listed companies and the
following classes of companies shall constitute an Audit
Committee.
All public companies with a paid up capital of Rs.10
Crores or more;
All public companies having turnover of Rs.100 Crores or
more;
All public companies, having in aggregate, outstanding
loans or borrowings or debentures or deposits exceeding
Rs.50 Crores or more.

4. Composition
The Audit Committee shall consist of a minimum of 3
directors with independent directors forming a majority.
The majority of members of Audit Committee including its
Chairperson shall be persons with ability to read and understand,
the financial statement.

5. MEETING OF THE AUDIT COMMITTEE
AT LEAST 4 TIMES IN YEAR
GAP BETWEEN 2 MEETINGS SHOULD NOT
EXCEED 4 MONTHS
QUORUM

6. AAA

8. MEANING OF AUDIT REPORT
An audit report is a written opinion of
an auditor regarding an entity's financial statements.

9. TYPES OF AUDIT REPORTS

10. Emphasis of Matter Paragraphs in the
Auditor’s Report
 If the auditor considers it necessary to draw users’
attention to a matter presented or disclosed in the
financial statements that, in the auditor’s judgment, is
of such importance that it is fundamental to users’
understanding of the financial statements, the auditor
shall include an Emphasis of Matter paragraph in the
auditor’s report provide

11. ELEMENTS OF AUDIT REPORT

14. Thank you