Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
SEBI has released a circular on Audit Committee of Asset Management Companies on 9th February, 2022 which mandates the Asset Management Companies (AMCs) of Mutual Funds to mandatorily constitute an Audit Committee. The circular also lists down the role, responsibilities, membership and other features of the committee to be constituted for such AMCs. The mandate of this circular shall come into force from 1st August, 2022.
Table of Contents
The Audit Committee of an AMC is responsible for the oversight of financial reporting process, company’s system of internal controls, audit process, compliance to laws and regulations and other related processes with regards to the Mutual Fund business.
Following is the role of the Audit Committee that is created for the purpose of AMCs:
Financial Reporting
Audit (both Internal and External) and Internal Controls
SEBI[1] said that the decision to have mandatory Audit Committee for Asset Management Companies of the Mutual Funds was taken after recommendations were taken from the Mutual Fund Advisory Committee along with the feedback received from the industry. Having done that, SEBI has come out with a detailed framework of role, responsibility, membership, reporting and other features of the Audit Committee of the AMC of Mutual Funds.
With the rising inflation rates and various other economic factors, wealthy Americans are incre...
Before approaching the new suppliers or any other third parties, you should always go for the v...
With the increasing landscape of Fintech Companies, it is increasingly vital that fintech compl...
This blog gives a detailed description through an audit report for industrial waste by examinin...
On 1st March 2024, the IRDAI came up with a notification via F. No. IRDAI/Reg/5/199/2024 for Bi...
Are you human?: 9 + 9 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
In reality there are more than two stock exchanges that are present in India. These include Bombay Stock Exchange,...
01 Dec, 2021
The operation of a company, the rights and responsibilities granted to the shareholders, and the connection between...
17 Apr, 2023
Chat on Whatsapp
Hey I'm Suman. Let's Talk!