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Internal audit requirements

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(Querist)
14 September 2009 Hi,
Can internal auditor of a company have a shareholding in that particular company.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
14 September 2009 Yes as the reuirement is for a statutory auditor not internal
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Manish Sodani

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Manish Sodani (Querist)
15 September 2009 I agree sir, but some friends have told me that ICAI has issued some guidance note for internal audit in which a CA is restricted to hold shares in that company. Pls tell me if there is such a guidance note?
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