Apex Pvt. Ltd Co.

Budget, Audit, and Finance Committee December 27th, 2012

The Committee of Finance, Audit and Budget met to discuss upon the financial issues of the company on Thursday, December 27th, 2012. Apex Budget, Audit, and Finance Committee members participating: Arman Chandra, Chairman Harish Pal Karan Suri Apex staff participating: Hitesh Deshmukh, President Riya Sen, Vice President for Financial Affairs Jagdish Kumar, Director of Financial Reporting Shyam Lal, Director of Internal Audit & Risk Assessment Benson Dsouza, Secretary Others participating Sheela Dixit Raman Kumar 1. Approved 22nd December, 2012 meeting minutes by Mr Jagdish Kumar 2. Presentation on Unrestricted Net Assets Mr. Jagdish Kumar presented an overview of the new Governmental Accounting Standards, Board accounting standards and usage of unrestricted Net Assets. He said the impact on Financial Statements cannot be determined until final statements are issued. 3. Update on 2011-12 System audit plan An Update regarding the System audit plan was given for the fiscal year 2011-2012 by Mr. Shyam Lal. 4. Major audit report issues A review on the major Audit related issues was given by Mr Shyam Lal; The Issues were related to Financial Statements, Human Resources and International Spending. 5. Report on audit tracking spreadsheet. A detailed report on the audit tracking spreadsheet was presented by Mr. Shyam Lal, and the major issues related to it were discussed. 6. Policy Updates An update regarding the Code of conduct and Segregation of duties was briefed by Mr. Shyam Lal. 7. The meeting adjourned at 10.15 a.m.