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
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