Airtel 2015 Annual Report Download - page 114

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112 Annual Report 2015-16
Audit and Risk Management Committee Report
for the year ended March 31, 2016
To the Shareholders of Bharti Airtel Limited
The Audit & Risk Management Committee (“Audit
Committee” or “Committee”) is pleased to present its
report for the year ended March 31, 2016:
1. The Committee presently comprises of four members
of whom three-fourths, including the Chairman are
Independent Directors, as against the requirement
of two-thirds prescribed under Regulation 18 of
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Obligations and Disclosure Requirements) Regulations,
2015 and Section 177 of the Companies Act, 2013.
2. The responsibility for the Company’s internal
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the Management. The Statutory Auditors have the
responsibility of performing an independent audit of
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the India’s Generally Accepted Accounting Principles
(IGAAP) and International Financial Reporting
Standards (IFRS) and issuing a report thereon. The
Ombudsperson is responsible for the Company’s
Whistle Blower Mechanism.
3. The Company has in place an Internal Assurance Group
(IAG) headed by Group Director – Internal Assurance.
The Company has also appointed M/s. KPMG, New
Delhi and M/s. ANB & Co., Chartered Accountants,
Mumbai as Internal Auditors in accordance with Section
138 of the Companies Act, 2013. The audit conducted
by the Internal Auditors is based on an internal audit
plan, which is reviewed each year in consultation
with the IAG and the Audit Committee. These audits
are based on risk based methodology and interalia
involve the review of internal controls and governance
processes, adherence to management policies and
review of statutory compliances. The Internal Auditors
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for corrective action.
4. The Audit Committee oversees the work of Statutory
Auditors, Internal Auditors, IAG and the Ombudsperson.
It is also responsible for overseeing the processes
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dissemination.
5. In this regard, the Audit Committee Reports as
follows:
I. The Committee has discussed with the Company’s
Internal Auditors and Statutory Auditors the
overall scope and plan for their respective audits.
The Committee has also discussed the results
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Company’s internal controls and the overall quality
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II. The Management has presented the Company’s
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have been drawn in accordance with the Indian
GAAP and IFRS. Based on its review and the
discussions conducted with the Management
and the Statutory Auditors, the Audit Committee
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are fairly presented in conformity with applicable
accounting standards in all material aspects.
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information. The Committee believes the
Company has followed adequate processes to
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III. The Committee has reviewed both abridged
and unabridged versions of the standalone and
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ended March 31, 2016. It has recommended the
same for the Board’s approval.
IV. The Committee has reviewed the internal controls
for ensuring that the Company’s accounts are
properly maintained and that the accounting
transactions are in accordance with prevailing
laws and regulations. In conducting such reviews,
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or weakness in the Company’s internal control
systems.
V. The Committee reviewed the Company’s internal
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from time to time.
VI. The Committee reviewed the Ombudsperson’s
report on the functioning of the Whistle Blower
Mechanism for reporting concerns about unethical
behaviour, actual or suspected fraud, or violation of
the Company’s Code of Conduct or ethics policy.
The Committee believes that the Company has an
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has been denied access to this mechanism.
VII. The Committee reviewed with the Management,
the independence and performance of Statutory
Auditors. It has recommended to the Board,
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& Associates LLP, Chartered Accountants,
Gurgaon, as the Company’s Statutory Auditors for
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VIII. The Committee, along with the Management,
reviewed the performance of the Internal
Auditors and recommended to the Board the
re-appointment of M/s. KPMG, New Delhi and
M/s. ANB & Co., Chartered Accountants, Mumbai,
as the Company’s Internal Auditors for the
succeeding tenure.
IX. The Committee has been vested with the adequate
powers to seek support and other resources from
the Company. The Committee has access to
the information and records as well. It also has
the authority to obtain professional advice from
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X. The Audit & Risk Management Committee
monitored and approved all related party
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amendment in any such transactions.
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outlined in the Audit & Risk Management Committee’s
Charter.
Place: Gurgaon
Date: April 27, 2016
V. K. Viswanathan
Chairman, Audit & Risk
Management Committee