Companies Auditer Report Order
This query is : Resolved
Sanjay Diwakar
(Querist)
31 May 2008
Hai,
Can anyone tell me The duties of Internal Auditer in respect CARO, and CARO provisions..
Can anyone tell me The duties of Internal Auditer in respect CARO, and CARO provisions..
09 June 2008
I would not say that these are Duties but yes an Internal Auditor has to consider below while checking CARO compliances:
Clause 4 (iv) – Internal Control System
* Adequacy of internal control system
commensurate with the size of the
company and the nature of its business,
for the purchase of inventory and fixed
assets and for the sale of goods and
services. Whether there is a continuing
failure to correct major weaknesses in
internal control system.
Clause 4 (vii) - Internal Audit System
* In the case of listed companies and/or
other companies having a paid-up capital
and reserves > Rs. 50 lakhs as at the start
of the financial year concerned, or having
an average annual turnover > Rs. 5 crores
for a period of three consecutive financial
years immediately preceding the year
concerned, whether the company has an
internal audit system commensurate with
its size and nature of business;
Clause 4 (iv) – Internal Control System
* Adequacy of internal control system
commensurate with the size of the
company and the nature of its business,
for the purchase of inventory and fixed
assets and for the sale of goods and
services. Whether there is a continuing
failure to correct major weaknesses in
internal control system.
Clause 4 (vii) - Internal Audit System
* In the case of listed companies and/or
other companies having a paid-up capital
and reserves > Rs. 50 lakhs as at the start
of the financial year concerned, or having
an average annual turnover > Rs. 5 crores
for a period of three consecutive financial
years immediately preceding the year
concerned, whether the company has an
internal audit system commensurate with
its size and nature of business;
Sanjay Diwakar
(Querist)
09 June 2008
Thank u Prakash sir.....
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