Companies Auditer Report Order
This query is : Resolved
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;
09 June 2008
Thank u Prakash sir.....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- Short Term Gain Reporting ITR
- Missed TDS
- Rent claimed on building given on permissive possession basis
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- DUE DATE FOR ITR FILING
- F&O reporting in ITR
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
