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Applicability of internal audit

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(Querist)
23 May 2013 When liability of the company arise to get books of account audited from an internal auditor? or

Explain the condition of internal audit/
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Ganeshbabu K

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Ganeshbabu K (Expert)
26 May 2013 Companies (Auditor’s Report) Order, 2003 - The Central Government, in terms of the power vested under Section 227(4A) of the Companies Act, 1956 had notified the Companies (Auditor’s Report) Order, 2003. Clause (vii) of the said 2003 order requires the auditor to report as follows: "whether in case of listed companies and/or other companies having 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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