Internal Audit
This query is : Resolved
17 April 2009
In which case/cases Internal Audit is compulsory for an organisation ?
17 April 2009
One situation is:-
In the case of listed companies and/other companies having a paid up capital and reserve exceeding Rs.50 lakhs as at the commencement of the financial year concerned, or having an average annual turnover exceeding Rs 5 crores for a period of 3 consecutive financial years immediately preceding the financial year concerned, there should be an internal audit system commensurate with the size and nature of the business of the company.
In the case of listed companies and/other companies having a paid up capital and reserve exceeding Rs.50 lakhs as at the commencement of the financial year concerned, or having an average annual turnover exceeding Rs 5 crores for a period of 3 consecutive financial years immediately preceding the financial year concerned, there should be an internal audit system commensurate with the size and nature of the business of the company.
18 April 2009
The above requirement is as per CARO, 2003.
21 April 2009
agree with the experts
30 April 2009
Agree with Mr. Warrier.
Section-292A also indirectly talks about Internal Audit System for every public company having a paid up capital of not less then Rs. 5 Crore...
Section-292A also indirectly talks about Internal Audit System for every public company having a paid up capital of not less then Rs. 5 Crore...
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
- STCG....................................................
- Sales return eway bill
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Loan by Partnership Firm
- Plot of land. Cost of Acquisition
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
