Page 77 - BCML AR 2019-20

Internal control systems and their
adequacy
The internal controls are commensurate with the size and
the nature of the operations of the Company. These controls
have been designed to provide a reasonable assurance with
regard to maintaining proper accounting controls, monitoring
of operations, safeguarding of resources and utilising them to
the maximum, promoting operational efficiency, compliances
with applicable regulations and ensuring reliability of financial
reporting. In addition, there is an internal audit process that
reviews the in-system checks and regularly covers significant
operational areas.
The Audit Reports, submitted by the Internal Auditors,
are reviewed by the Audit committee. Any suggestion for
improvements submitted to the Committee is considered and
the implementation of corrective actions, wherever required,
is followed up. Statutory and Internal Auditors are also invited
to the Audit Committee meetings for ascertaining their views
on the adequacy of internal control systems. Periodically, the
Board is informed of the same.

Cautionary statement
The statements in the ‘Management discussion and analysis’
section with regard to projections estimates and expectations
have been made in good faith. The achievement of results
is subject to risks, uncertainties and even less than accurate
assumptions. Market data and information are gathered from
various published and unpublished reports. Their accuracy,
reliability and completeness cannot be assured.

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