Regulation 97 — Audit Regulations 2020
Original Rule Text
97. Copies of agenda notes and minutes of meetings of board of directors and audit committees to be furnished to Audit
Every corporation that is subject to audit by the Comptroller and Auditor General shall send copies of the agenda notes and minutes of the meetings of its governing body, by whatever name called, and the Audit Committee, if formed, to the Accountant General (Audit).
What This Means
Every corporation audited by the CAG must proactively send copies of its board meeting agenda notes and minutes to the Accountant General (Audit). If the corporation has an Audit Committee, its meeting materials must also be shared. This ensures the CAG's audit office stays informed about key decisions and governance activities without having to request documents each time.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Board agenda notes AND minutes must be sent to the AG (Audit) — not just minutes
- 2Audit Committee meeting materials must also be shared, if such a committee exists
- 3The obligation is on the corporation to proactively send — not on the audit office to request
- 4Applies to the governing body 'by whatever name called' — Board, Council, Committee, etc.
- 5This is a standing requirement, not a one-time or audit-period obligation
Practical Example
Hindustan Aeronautics Limited (HAL), being audited by the CAG, must send copies of its Board of Directors' meeting agenda and minutes to the Principal AG (Audit), Bengaluru after every board meeting. When HAL's Audit Committee meets to review internal audit findings or discuss risk management, those agenda notes and minutes must also be forwarded to the AG office.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Why does the CAG need board meeting documents?▼
What if the corporation has a different name for its governing body — like 'Governing Council'?▼
Is there a time limit for sending these documents to the AG?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.