Description
This is a presentation explains overview of Finance and Audit.
Reliance Industries Limited
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Finance & Audit : An Introduction About Reliance Finance & Audit Committee Finance Committee Audit Committee Funds : Proportion & Application
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Finance is the science of funds management.
Personal
Finance
Business Public
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Corporate finance is the task of providing the funds for a corporation's activities. Long term funds are provided by ownership equity and long-term credit, often in the form of bonds. Short-term funding or working capital is mostly provided by banks extending a line of credit.
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A formal examination of an organization's or individual's accounts or financial situation
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A financial audit is the review of the financial statements of a company resulting in the publication of an independent opinion on whether or not those financial statements are genuine. Performed by firms of practicing accountants due to the specialist financial reporting knowledge they require. One of the assurance functions provided by accounting and auditing firms, providing an independent opinion on published information
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?
?
There are basically 2 types of Audit: Internal & External (Statutory) Many organizations separately employ or hire internal auditors, who do not attest to financial reports but focus mainly on the internal controls of the organization. External auditors may choose to place limited reliance on the work of internal auditors.
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The Company's accounts are audited by a panel of 3 leading independent audit firms as follows: M/s Deloitte Haskins and Sells, Chartered Accountants, has been the statutory auditors of the Company for the past several years. M/s Chaturvedi & Shah (C&S), Chartered Accountants, one of India's leading audit M/s Rajendra & Co., one of India's oldest firms was set up as an audit firm 41 years ago.
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Reliance Industries Limited is India's largest private sector conglomerate company
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Dhirubhai Ambani has been a pioneer in introducing financial instruments like fully convertible debentures to the Indian stock markets. RIL has been contributing over 1% to India’s GDP since 1999
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Purpose:
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Advice with respect to the Corporation’s financial matters To oversee the accounting and financial reporting processes of the Corporation To assist the Board of Directors in fulfilling its oversight responsibilities regarding finance
?
?
Composition:
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Three or more directors as determined by the Board Each of them shall be independent directors
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The Finance Committee of the Board comprises three Directors : Shri Mukesh D Ambani, Chairman Shri Nikhil R. Meswani Shri Hital R. Meswani
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Meetings : Five meetings of the Finance Committee were held during the year ended March 31, 2010
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Review the company's financial policies, risk assessment and minimisation procedures, etc
Review banking arrangements and cash management. Exercise all powers to borrow money for various purposes.
?
?
?
Delegate authorities Look into other important issues as mandated by the Board. Regularly view and make recommendations about changes.
?
?
?
The main objective of the Audit Committee is to detect and prevent errors and frauds.
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The Audit Committee comprises of the internal auditors of the firm The management of the organization makes the appointment of an internal auditor. There are no fixed qualifications for the position of an internal auditor.
?
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Current Members:
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Shri Y P Trivedi (Chairman) Shri M.P. Modi Dr. R. A. Mashelkar
?
?
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To investigate any activity within its terms of reference. To seek information from any employee. To obtain outside legal or other professional advice. To secure attendance of outsiders with relevant expertise, if it considers necessary
?
?
?
?
The disclosure of its financial information to ensure that the financial statements are correct, sufficient and credible. Recommending to the Board, the appointment, reappointment ,replacement or removal of Statutory Auditors and fixation of audit fees. Reviewing the annual financial statements before submission to the Board for approval
?
?
?
RIL’s major source of capital income is the issue of shares It is said that ‘1 out of every 4 investors in India is a Reliance Shareholder’ There are 2 basic type of shares issued: Public & Private Public shares are open for subscription to all whereas Private shares are reserved for a specific group of investors
?
?
?
?
Share Capital Reserves and surplus created out of profits of the company Secured and unsecured loans from banks and financial instruments
?
?
Deferred Tax Liability 5% Loans 30% Shareholders 65%
?
Exploration and production of crude oil and natural gas, besides petro chemical Textile business under the brand name of Vimal Retail outlets for sales of food and groceries, electronics, pharmacy stores Fixed assets ,inventories and sundry debtors are created for carrying out these activities
?
?
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doc_185038160.pptx
This is a presentation explains overview of Finance and Audit.
Reliance Industries Limited
?
Finance & Audit : An Introduction About Reliance Finance & Audit Committee Finance Committee Audit Committee Funds : Proportion & Application
?
?
?
?
?
?
Finance is the science of funds management.
Personal
Finance
Business Public
?
Corporate finance is the task of providing the funds for a corporation's activities. Long term funds are provided by ownership equity and long-term credit, often in the form of bonds. Short-term funding or working capital is mostly provided by banks extending a line of credit.
?
?
?
A formal examination of an organization's or individual's accounts or financial situation
?
A financial audit is the review of the financial statements of a company resulting in the publication of an independent opinion on whether or not those financial statements are genuine. Performed by firms of practicing accountants due to the specialist financial reporting knowledge they require. One of the assurance functions provided by accounting and auditing firms, providing an independent opinion on published information
?
?
?
There are basically 2 types of Audit: Internal & External (Statutory) Many organizations separately employ or hire internal auditors, who do not attest to financial reports but focus mainly on the internal controls of the organization. External auditors may choose to place limited reliance on the work of internal auditors.
?
?
?
The Company's accounts are audited by a panel of 3 leading independent audit firms as follows: M/s Deloitte Haskins and Sells, Chartered Accountants, has been the statutory auditors of the Company for the past several years. M/s Chaturvedi & Shah (C&S), Chartered Accountants, one of India's leading audit M/s Rajendra & Co., one of India's oldest firms was set up as an audit firm 41 years ago.
?
?
?
?
Reliance Industries Limited is India's largest private sector conglomerate company
?
Dhirubhai Ambani has been a pioneer in introducing financial instruments like fully convertible debentures to the Indian stock markets. RIL has been contributing over 1% to India’s GDP since 1999
?
Purpose:
?
Advice with respect to the Corporation’s financial matters To oversee the accounting and financial reporting processes of the Corporation To assist the Board of Directors in fulfilling its oversight responsibilities regarding finance
?
?
Composition:
?
Three or more directors as determined by the Board Each of them shall be independent directors
?
?
The Finance Committee of the Board comprises three Directors : Shri Mukesh D Ambani, Chairman Shri Nikhil R. Meswani Shri Hital R. Meswani
?
? ?
?
Meetings : Five meetings of the Finance Committee were held during the year ended March 31, 2010
?
Review the company's financial policies, risk assessment and minimisation procedures, etc
Review banking arrangements and cash management. Exercise all powers to borrow money for various purposes.
?
?
?
Delegate authorities Look into other important issues as mandated by the Board. Regularly view and make recommendations about changes.
?
?
?
The main objective of the Audit Committee is to detect and prevent errors and frauds.
?
The Audit Committee comprises of the internal auditors of the firm The management of the organization makes the appointment of an internal auditor. There are no fixed qualifications for the position of an internal auditor.
?
?
Current Members:
?
Shri Y P Trivedi (Chairman) Shri M.P. Modi Dr. R. A. Mashelkar
?
?
?
To investigate any activity within its terms of reference. To seek information from any employee. To obtain outside legal or other professional advice. To secure attendance of outsiders with relevant expertise, if it considers necessary
?
?
?
?
The disclosure of its financial information to ensure that the financial statements are correct, sufficient and credible. Recommending to the Board, the appointment, reappointment ,replacement or removal of Statutory Auditors and fixation of audit fees. Reviewing the annual financial statements before submission to the Board for approval
?
?
?
RIL’s major source of capital income is the issue of shares It is said that ‘1 out of every 4 investors in India is a Reliance Shareholder’ There are 2 basic type of shares issued: Public & Private Public shares are open for subscription to all whereas Private shares are reserved for a specific group of investors
?
?
?
?
Share Capital Reserves and surplus created out of profits of the company Secured and unsecured loans from banks and financial instruments
?
?
Deferred Tax Liability 5% Loans 30% Shareholders 65%
?
Exploration and production of crude oil and natural gas, besides petro chemical Textile business under the brand name of Vimal Retail outlets for sales of food and groceries, electronics, pharmacy stores Fixed assets ,inventories and sundry debtors are created for carrying out these activities
?
?
?
doc_185038160.pptx