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Section 164
Audit Committee
(1) A listed company with a paid-up capital of three crore rupees or more or a company wholly or partially owned by the Government of Nepal shall constitute an audit committee consisting of at least three members under the chairmanship of a director who is not involved in the day-to-day operations or management of the company.
(2) No person who is a close relative of the executive head of the company shall be a member of the audit committee constituted as per sub-section (1).
(3) At least one member of the audit committee should be an experienced person with a professional certificate in accounting or a person with at least a bachelor's degree in accounting, commerce, management, finance or economics and experience in accounting and finance.
(4) A brief description of the work of the audit committee, the strategy adopted by the board of directors to implement such suggestions, if the audit committee has given any suggestions, if the members of the audit committee have received any allowances or facilities, and the names of the members of the audit committee, the board of directors should be prepared by the company. It should be disclosed in the report.
(5) The audit committee may call the managing director of the company, the executive head of the company or other directors involved in the day-to-day operation of the company, auditors, internal auditors and the head of accounts to a meeting in order to inquire about a matter, and if such notice is given, it will be their duty to attend the meeting of the committee. br> (6) The board of directors shall implement the suggestions given by the audit committee regarding the accounting and financial arrangements of the company, and if any suggestion cannot be implemented, the board of directors shall disclose the reason in the report.
(7) The company shall arrange sufficient means and resources to carry out the duties of the audit committee and the audit committee shall regulate its own internal procedures.
(8) The chairman of the audit committee must attend the annual general meeting of the company.
(9) Audit committee meetings will be held as required.
(2) No person who is a close relative of the executive head of the company shall be a member of the audit committee constituted as per sub-section (1).
(3) At least one member of the audit committee should be an experienced person with a professional certificate in accounting or a person with at least a bachelor's degree in accounting, commerce, management, finance or economics and experience in accounting and finance.
(4) A brief description of the work of the audit committee, the strategy adopted by the board of directors to implement such suggestions, if the audit committee has given any suggestions, if the members of the audit committee have received any allowances or facilities, and the names of the members of the audit committee, the board of directors should be prepared by the company. It should be disclosed in the report.
(5) The audit committee may call the managing director of the company, the executive head of the company or other directors involved in the day-to-day operation of the company, auditors, internal auditors and the head of accounts to a meeting in order to inquire about a matter, and if such notice is given, it will be their duty to attend the meeting of the committee. br> (6) The board of directors shall implement the suggestions given by the audit committee regarding the accounting and financial arrangements of the company, and if any suggestion cannot be implemented, the board of directors shall disclose the reason in the report.
(7) The company shall arrange sufficient means and resources to carry out the duties of the audit committee and the audit committee shall regulate its own internal procedures.
(8) The chairman of the audit committee must attend the annual general meeting of the company.
(9) Audit committee meetings will be held as required.