Periodic revision of scope of work, terms of Reference, Selection criteria for appointment of Internal Auditors of CIL & subsidiaries taking note of the short-comings of the systems and procedures.
Appointment of Internal Auditors for every 3 years.
Conducting Internal Audit
Conduct the concurrent Internal Audit through external auditor of different units/offices which are under direct administrative control of CIL.
The Internal Audit Department of CIL & its Subsidiaries company continuously keep on check to ensure that the company internal control, risk management and governance processes as designed and implemented by management are adequately complied.
Reports of all the units compiled at subsidiary level and then subsidiary consolidated report compiled at CIL HQ by lead auditor on quarterly basis. All the significant short-comings of the systems and procedures as revealed by internal audit reports for taking corrective actions are informed to the Audit Committee.
Informed the Audit Committee and Board of Directors of Coal India Ltd about the major cases of fraud, irregularities, lapses etc. as reported by Internal Auditors.
Other Function
Conducting Physical Verification of Fixed Assets of CIL (HQ).
Conducting special Audit as assigned by the Management.
At Subsidiary level, Store Audit is conducted on yearly basis by separate team (external auditor).
Coordination with different departments and lead auditor and timely review IFC document in conformity with the ICAI guidelines.
Monthly review meeting with MoC for appraisal of status of C&AG paras.
Half yearly review meeting with Subsidiaries along with its Lead Auditor.
