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About Internal Audit

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(Querist)
09 June 2009 Hello, please can anyone say me internal audit is compulsory for Public limited and PVT.LTD company as per companies act 1956 ?
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Jitender

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Jitender (Expert)
09 June 2009 As per Listing agrrement, it is compulsory for listed co only.
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Sumit gupta

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Sumit gupta (Expert)
09 June 2009 IT IS NOT MENTIONED IN CO. ACT AS PER CARO,2003. in the case of listed companies and/or other companies having a paid-up capital and reserves exceeding Rs.50 lakhs as at the commencement of the financial year concerned, or having an average annual turnover exceeding five crore rupees for a period of three consecutive financial years immediately preceding the financial year concerned, whether the company has an internal audit system commensurate with its size and nature of its business;
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Ankur Garg

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Ankur Garg (Expert)
10 June 2009 Agree with Sumit.

Companies on which CARO,2003 is applicable, internal audit is compulsory for them.


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