Appointment of internal auditor
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 September 2015
Section 138 of the companies act read along with Rule 13 of the Companies ( Accounts) rules 2014 prescribe compulsory appointment of Internal auditor for a private limited company which has a turnover above Rs. 200 crore or above.
In the explanation (i) to the rules, the explalnation reads that an Internal auditor MAY or MAY not be an employee of the company.
If we assume that he is an employee ( since the rule permits so), does he need to be appointed as a auditor in Board Meeting ( per sub rule 4 of rule 8 of the Companies Meetings of the board and its powers)
Since he is not a firm, can his individual name be used in the resolution? Please guide
What if he is in the internal audit team but is not appointed in the board meeting at all/
In the explanation (i) to the rules, the explalnation reads that an Internal auditor MAY or MAY not be an employee of the company.
If we assume that he is an employee ( since the rule permits so), does he need to be appointed as a auditor in Board Meeting ( per sub rule 4 of rule 8 of the Companies Meetings of the board and its powers)
Since he is not a firm, can his individual name be used in the resolution? Please guide
What if he is in the internal audit team but is not appointed in the board meeting at all/
Amol S Joglekar
(Expert)
19 September 2015
An individual can be an internal auditor.
A formal appointment be made so as to bind the person as internal auditor. (The team may consist of many people of which so and so is internal auditor.)
A formal appointment be made so as to bind the person as internal auditor. (The team may consist of many people of which so and so is internal auditor.)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
