Internal audit
This query is : Resolved
08 November 2012
Is Internal audit is applicable on all Public compabies or there are some conditions for its applicability on public & private companies.
CA PARAS BAFNA
(Expert)
11 November 2012
Requirement of Internal Audit:
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 crores rupees for a period of three consecutive financial years immediately preceding the financial year concerned,
.
Requirement of Internal Audit:
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 crores rupees for a period of three consecutive financial years immediately preceding the financial year concerned,
.
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