About Internal Audit
This query is : Resolved
Mukund Patel
(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 ?
09 June 2009
As per Listing agrrement, it is compulsory for listed co only.
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;
Ankur Garg
(Expert)
10 June 2009
Agree with Sumit.
Companies on which CARO,2003 is applicable, internal audit is compulsory for them.
Regards
Companies on which CARO,2003 is applicable, internal audit is compulsory for them.
Regards
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