Internal Audit
This query is : Resolved
25 October 2008
What is the minimum condition/requirement for having a internal Auditor or internal audit for company?. Whether it is any difference to limited and private limited company
Adv thanks from
ragavendhiran
Adv thanks from
ragavendhiran
25 October 2008
There is no condition....the internal audit is a requirement for safeguarding the interests of the organisation
25 October 2008
Compulsory For Public Companies and for Private Companies Criteria is
1)Paid Up Share Capital of 50 Lakhs
2)Turnover of more than 5 crores in all three previous years.
As per CARO,2003 i.e Sec.227(4A) of C.A.1956.
1)Paid Up Share Capital of 50 Lakhs
2)Turnover of more than 5 crores in all three previous years.
As per CARO,2003 i.e Sec.227(4A) of C.A.1956.
28 October 2008
Auditor shd report in his CARO tat whether the following cos are having internal audit,
1.Listed Company,
2.Whose Paidup Capital+ Reserves > 50 Lacs,at the beginning of the financial year
3.Avg turnover for the preceeding 3 Fyrs > Rs.5 Crs.
They shd maintain an internal audit team
1.Listed Company,
2.Whose Paidup Capital+ Reserves > 50 Lacs,at the beginning of the financial year
3.Avg turnover for the preceeding 3 Fyrs > Rs.5 Crs.
They shd maintain an internal audit team
31 October 2008
The team can be external or internal
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
- Suggestions required for income tax filing-software (FY 2025-26)
- Tax liability on income of freelancer
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Taxation on LTCG for property sold after 24JUL2024
- E Commerce GSTR1 & 3B how to file
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
