Regulation 77 — Audit Regulations 2020
Original Rule Text
77. Requirement of the representatives of the Company and the Department to attend the meeting of the Audit Board
The Audit Board shall invite the representatives of the Company and the Government Department to attend the meeting referred to at clause (2) of the preceding Regulation. The Chief Executive Officer of the Company and the Secretary to Government of the concerned department shall attend such meeting and there shall be no separate exit conference.
What This Means
When the Audit Board meets to review the draft audit report (the second meeting under Regulation 76), representatives from both the company and the concerned government department must attend. Specifically, the CEO of the company and the Secretary to Government of the concerned department must be present. This meeting also serves as the exit conference — there is no separate exit conference after this.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Company and government department representatives must attend the draft report review meeting
- 2The CEO of the company must personally attend (not a junior representative)
- 3The Secretary to Government of the concerned department must attend
- 4This meeting doubles as the exit conference — no separate exit conference is held
- 5This ensures senior-level engagement with audit findings before finalization
Practical Example
The Audit Board meets to discuss the draft performance audit report on Mazagon Dock Shipbuilders Ltd. The CMD of Mazagon Dock and the Secretary, Ministry of Defence (Department of Defence Production) are invited. During the meeting, Mazagon Dock's CMD presents the company's perspective on delays in ship construction, and the Defence Secretary explains policy constraints. Their inputs are considered before the report is finalized. No separate exit conference is scheduled.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Why is there no separate exit conference?▼
What if the CEO or Government Secretary cannot attend?▼
Can the company submit written responses instead of attending?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.