Internal Audit

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Rachana

Rachana (Querist)
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15 March 2008 Is internal audit compulsory?
What is CARO ?

CA Shailesh +91 9393926464

CA Shailesh +91 9393926464 (Expert)
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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

Jitender

Jitender (Expert)
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15 March 2008 internal audit is not compulsory. caro is a report prepared u/s 227(4) of cop. law

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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15 March 2008 INTERNAL AUDIT IS NOT COMPULSORY UPTO CERTAIN LIMITS

Chintan Gajjar

Chintan Gajjar (Expert)
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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

Chintan Gajjar (Expert)
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17 March 2008 Are you satisfied. You may rate me as you like.

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