DEAR EXPERTS
IT IS A UINQUE QUERY - PLEASE HELP & SOLVE ASAP.....


I WANT TO KNOW....WHETHER PRIVATE COS CAN OUTSOURCE THEIR INTERNAL AUDIT FUNCTION TO ANY OUTSIDE PERSON WHICH IS NOT A CA FIRM (AS THERE IS NO SUCH REQUIRING PROVISION TO APPOINT ONLY A CA FIRM)


CASE: -


A PRIVATE COMPANY DOES NOT EMPLOY ACCOUNTING STAFF DUE TO LACK OF SPACE & OFFICE IT OUTSOURCES ITS ACCOUNTS FUNCTION TO SOME OUTSIDE ACCOUNTANT WHO IS NOT A CA BUT RUNS HIS OWN ACCOUNT WRITING FIRM FOR VARIOUS PEOPLE....


1) CAN THIS ACCOUNTANT / ACCOUNT WRITING FIRM ALSO UNDERTAKE INTERNAL AUDIT OF SUCH PRIVATE CO.


2) IF NOT CAN THIS ACCOUNT WRITING FIRM UNDERTAKE INTERNAL AUDIT OF SOME OTHER PVT CO. FOR WHICH IT IS NOT WRITING ACCOUNTS


IS IT TRUE THAT FOR BEING AN INTERNAL AUDITOR OF A PRIVATE LTD CO. IT IS NOT NECESSARY FOR ONE TO BE A QUALIFIED CA....AND ONLY KNOWELDGE & EXPERIENCE OF AUDIT & ACCOUNTING FUNCTIONS & BUSINESS OF CLIENT IS MORETHAN ENOUGH IF BOARD DEEMS FIT?


THIS QUEST IS SPECIFICALLY FOR PRIVATE COS...& NOT PUBLIC COS (WHERE CA FIRM IS APPOINTED AS INTERNAL AUDITOR)....


THANKS & REGARDS REPLY AWAITED..

Dear

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