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Appointment of internal auditor as statutory auditor

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(Querist)
16 November 2018 P was the Internal Auditor of ABC Ltd and submitted 1st Quarter Audit Report . ABC Ltd is the 100 percent subsidiary of XYZ Ltd. P got offer for appointment in XYZ Ltd as Statutory Auditor. P submitted the resignation in ABC Ltd ( as Internal Auditor) and accepted the offer of Statutory Auditor.
In the capacity of statutory auditor of XYZ Ltd, P will take cognizance of the reports of the Subsidiaries ( including 1st Quarter) though Statutory Auditor of the ABC Ltd is different.
Whether P can accept and conduct the Statutory Audit of XYZ Ltd.?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
23 November 2018 As statutory Auditor of ABC Ltd is different and who is going to review the internal audit report of P for the first quarter, P can accept and conduct the Statutory Audit of XYZ Ltd.
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