08 August 2011
would like to know if the company's net worth exceed Rs. 50L , than is it compulsory to appoint Internal Audit & should this internal auditor necessarily be CA
17 August 2011
Not at all, Adequacy of internal control system commensurate with company size and business for purchase of inventory and fixed assets and for sale of goods and services as per CARO Order 2004.
hence it is not compulsory to appoint Internal Auditor as CA.
It is appropriate if the Company has its own internal audit team whether CA or not
CAclubindia
