Internal Audit
This query is : Resolved
15 March 2008
CARO stands for Companies Auditor's Report Order. If u go through CARO,2003, u will find to which companies it is applicable and u will also find the applicability of Internal audit in CARO itself
15 March 2008
internal audit is not compulsory. caro is a report prepared u/s 227(4) of cop. law
15 March 2008
INTERNAL AUDIT IS NOT COMPULSORY UPTO CERTAIN LIMITS
Chintan Gajjar
(Expert)
17 March 2008
Internal Audit is comuolsory for Compnies having turnover morethan specified limit. And According to CARO,2003 companies are required to give additional details as specified in format perscribed by the order. It shall apply to every company including a foreign company as defined in section 591 of the Act,except the following:-(i)a Banking company asdefined in clause (c) ofsection 5 of the Banking Regulation Act, 1949 (10 of1949);(ii) an insurance company as defined in clause (21) ofsection 2 of the Act;(iii) a company licensed to operate under section 25 ofthe Act; and(iv) a private limited company with a paid up capital and reserves not more than fifty lakh rupees and has notaccepted any public deposit and does not have loanoutstanding ten lakh rupeesor more from any bank or financial institution and does not have a turnoverexceeding five crore rupees.
Chintan Gajjar
(Expert)
17 March 2008
Are you satisfied. You may rate me as you like.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
