Page 46 - KRCL ENglish

alignment of the risk management system with the corporate and operational
objectives. The Risk Management Cell constituted by the Risk Management
Committee was tasked to evaluate department wise risks along with mitigation
plan. A booklet has been prepared covering departmental risks and its mitigation
plan and the same is revised periodically.

28. AUDITORS

28.1 Statutory Auditors

The Comptroller & Auditor General of India had appointed M/s. V.K. Surana & Co.,
Chartered Accountants, as Statutory Auditor for the year 2019-20.

28.2 Internal Auditor

The Companies Act, 2013 has given statutory recognition to Internal Audit,
keeping in view its relevance in today's business scenario. As per section 138 of
the Companies Act, 2013, read with Rule 13 of Companies (Accounts) Rules
2014, the Corporation had appointed M/s. RAV & Co., Chartered Accountants, an
independent accounting rm, to undertake the internal audit of the Corporation
for the year 2019-20.

28.3 GST Auditors

M/s Thakur Vaidhyanath Iyer & Co, Chartered Accountants, Mumbai for the States
of Maharashtra, Goa, Karnataka, Kerala and Madhya Pradesh. M/s A Gupta &
Associates, Chartered Accountants, Jammu for the UT of J&K are appointed as
GST Auditors for the nancial year 2018-19 under section 35(5) of CGST Act 2017
read along with rule 80 and u/s 35(5) of SGST Act 2017 for GST Audit.

28.4 Internal Control Systems and their adequacy

The Corporation has robust Internal Systems and processes in place for smooth
and efcient conduct of business and complies with relevant laws and
regulations. It has adequate system of internal nancial controls in place, in the
form of well documented delegation of power, policies and procedures, that cover
critical as well as important activities of nancial and other operating functions for
safeguarding of assets, prevention and detection of fraud and error, ensuring
accuracy and completeness of the accounting records and timely preparation of
reliable nancial information.

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