Audit Committee resolution format for approving the internal audit plan under Section 138 and Rule 13 and recommending the internal auditor to the Board.
“RESOLVED THAT pursuant to Sections 138 and 177 and other applicable provisions, if any, of the Companies Act, 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014, the Audit Committee, in consultation with the internal auditor, hereby approves the scope, functioning, periodicity and methodology of the internal audit and the risk-based internal audit plan of the Company for the financial year [●], as placed before the meeting.
RESOLVED FURTHER THAT having reviewed the resources, independence and performance of the internal audit function, the Committee hereby recommends to the Board the [appointment / re-appointment] of [Mr./Ms. [●] / M/s [●], Chartered Accountants (Firm Registration No.: [●])] as the Internal Auditor of the Company for the financial year [●], at a remuneration of ₹[●] (Rupees [●] only) plus applicable taxes and out-of-pocket expenses, and directs that the internal audit reports be placed before the Committee [every quarter].
RESOLVED FURTHER THAT the Company Secretary be and is hereby authorised to place this resolution before the Board and to do all such acts, deeds and things as may be necessary for giving effect to this resolution.”