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Applicability of internal audit (Audit)

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This query is : Resolved

Author : Anonymous

( Author )
30 December 2011

Some one can guide: Applicability of Internal Audit for which class of companies is a mandatory requirement??


Aditya Maheshwari

( Expert )
30 December 2011

The paid up share capital and reserves of the company at the commencement of the financial year in excess of Rs. 50 Lakhs; or the average annual turnover (for the 3 financial years immediately preceding) of the company exceed Rs. 5 crores.


Author : Anonymous

( Author )
02 January 2012

Mr Aditya,

Then most of the companies are covered. As per your info,,, every such company should have internal audit department or it should get it done with outsiders?


Aditya Maheshwari

( Expert )
02 January 2012

7 INTERNAL AUDIT SYSTEM
7.1 Is the paid up share capital and reserves of the company at the commencement of the financial year in excess of Rs. 50 Lakhs; or Does the average annual turnover (for the 3 financial years immediately preceding) of the company exceed Rs. 5 crores.
7.2 If yes, does the company have an internal audit system
in the form of outside firm(s) of chartered accountants
in the form of its own audit department

7.3 Has internal audit programme been reviewed. Was it drawn in consultation with statutory auditors?
7.4 Is the coverage of internal audit adequate?
7.5 Are the persons carrying out the internal audit adequately qualified for the job.
7.6 To whom do the internal auditor report
7.7 Have the internal audit reports been perused and management replies given on points of defaults and whether they have been duly acted upon?
7.8 In view of what is stated above is the internal audit system of the company commensurate with its size and the nature of its business.



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