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Company audit

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(Querist)
02 August 2019 In section 138 of the companies act, company is mandatorily required to appoint an internal auditor if turnover criteria is met. The question is - TO of the company for fy 16-17 us 201 crore hence appointed internal auditor in fy 17-18. Now assume the TO of the company for fy 17-18 is only 180 crores. In such a case is it necessary for the co. To appoint internal auditors for fy 18-19?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
02 August 2019 In such a case it is not necessary for the co. To appoint internal auditors for fy 18-19.
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c.v.sarma

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c.v.sarma (Querist)
02 August 2019 The icwai institute, in released faq on maintenance of cost accounting records and appointment of cost auditor wherein also the criteria is turnover stating that once the TO criteria is met, the company shall continue maintaining cost records even when the TO falls in a subsequent year. Is there any such clarity provided by MCA?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
03 August 2019 No clarity provided by MCA we have to go by the provisions of the Act.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
03 August 2019 No need to appoint in FY 2018-19. Inference - Rule 13 of Companies (Accounts)
Rules,2014.
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