CARO
This query is : Resolved
13 November 2009
Extract from CARO
(vii) in the case of listed companies and/or other companies having a paid-up capital and reserves exceeding Rs.50 lakhs as at the commencement of the financial year concerned, or having an average annual turnover exceeding five crore rupees for a period of three consecutive financial years immediately preceding the financial year concerned, whether the company has an internal audit
system commensurate with its size and nature of its business;
Does this statement mean that CARO is applicable to all listed companies and other companies have to fulfill the conditions given above
OR
All companies have to fulfill the conditions given above.
(vii) in the case of listed companies and/or other companies having a paid-up capital and reserves exceeding Rs.50 lakhs as at the commencement of the financial year concerned, or having an average annual turnover exceeding five crore rupees for a period of three consecutive financial years immediately preceding the financial year concerned, whether the company has an internal audit
system commensurate with its size and nature of its business;
Does this statement mean that CARO is applicable to all listed companies and other companies have to fulfill the conditions given above
OR
All companies have to fulfill the conditions given above.
13 November 2009
This clause is applicable to all listed companies irrespective of the size and turnover.
Non listed companies had to satisfy the conditions so as to attract the applicability of this clause.
Non listed companies had to satisfy the conditions so as to attract the applicability of this clause.
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