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Tax Audit Checklist

Tax Audit Checklist

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Published by SATYA JIT DAS

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Published by: SATYA JIT DAS on Jan 28, 2009
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08/20/2013

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1.Whether the criteria for applicability have been verified? The criteria being:Applicable to all the listed companies with paid-up capital of Rs.3 crores andabove or net worth of Rs.25 crores or more at any time in the history of thecompany.Not applicable to the mutual fund scheme.2.Whether the company has submitted a quarterly compliance report to the stockexchanges within 15 days from the end of the quarter?3.Whether the compliance in relation to the
Board of Directors
has been verified that:Board of directors of the company should comprise not less than fifty per cent ofnon-executive directorsThe number of independent directors depends on whether the Chairman isexecutive or non-executive Chairman.At least one-third of board should comprise of independent directors in case ofnon-executive Chairman.At least half of the board should comprise of independent directors in case ofexecutive Chairman.In case of non-executive directors’ compensation whether the auditor has verifiedthat all compensation paid to non-executive directors has been fixed by the Boardof Directors and approved by shareholders in general meeting4.Have you verified that the Board meetings were held at least four times a year andthat the time gap should not be more than four months between two meetings?5.Have you verified that any particular director has not acted as Chairman of more thanfive committees in which he is a director?6.Have you verified that any particular director is not a member in more than 10committees in which he is a director, three committees to be considered for thispurpose being Audit Committee, Shareholders Grievance Committee and theRemuneration Committee?7.Have you verified that the Board of Directors has prepared the Code of Conduct for allboard members and senior management of the company and also whether the samehas been posted on the website?8.Have you verified that all board members and senior management on an annual basishave given compliance to the Code of Conduct?9.Whether all members of Audit Committee are financially literate and at least one ofthem has
accounting 
or related
financial management 
expertise (both terms have beenexplained in Clause 49) Two third of members should be Independent Directors.
Additional Checklists
CHAPTER
IX
 
Audit Checklist – For Companies
204
Additional Checklists
10.Have you verified whether all committees – Remuneration, Audit and GrievanceCommittees – have been constituted as per the requirements of the Clause 49?11.Whether the Quarterly Results, Presentation made by companies to analysts havebeen put on company’s website?12.Have you verified whether the following matters are included in the Directors Report onCorporate Governance?(a)A brief statement on company’s philosophy on code of governance.(b)Board of DirectorsComposition and category of directors for example promoter, executive,non-executive, independent non-executive, nominee director, whichinstitution represented as Lender or as equity investorAttendance of each director at the BoD meetings and the last AGMNumber of other BoDs or Board Committees he/she is a member orChairperson ofNumber of BoD meetings held, dates on which held(c)Audit CommitteeBrief description of terms of referenceComposition, name of members and ChairpersonMeetings and attendance during the year(d)Remuneration CommitteeBrief description of terms of referenceComposition, name of members and ChairpersonAttendance during the yearRemuneration policyDetails of remuneration to all the directors, as per format in main report.(e)Shareholders CommitteeName of non-executive director heading the committeeName and designation of compliance officerNumber of shareholders complaints received so farNumber not solved to the satisfaction of shareholdersNumber of pending share transfers(f)General Body meetingsLocation and time, where last three AGMs heldWhether special resolutions passed in the previous 3 AGMs

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