appointment of internal auditor

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 May 2011 Dear All,
Please through some light on this:

There is one holding company suppose X, regd in Singapore. A & B are its subsidiary regd. in India and Japan respectively.

I am the company secretary in A and our directors are willing to appoint me as the internal auditor of B. Is this move correct or there is some legal consequences for this??
Its bit urgent....

Regards
Pratibha

Saurabh Saxena

Saurabh Saxena (Expert)
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18 May 2011 There is no technical guidance on this. But still, there exist no relation between A & B nor in terms of AS-18 Related party transaction neither in terms of Section 299 of CA,1956
therefore, you can be internal auditor of 'B'.

Querist : Anonymous

Querist : Anonymous (Querist)

18 May 2011 Thanxs Saurabh,

It was a gret help.

Pratibha

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