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Internal audit under caro

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(Querist)
17 October 2012 Dear Experts,

If the internal audit under CARO is applicable to a company and it is not complied with the provisions then what are the consequences of the same?
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Amol S Joglekar

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Amol S Joglekar (Expert)
17 October 2012 Prima facie QUALIFICATION in the statutory audit. (Depending upon the materiality the statutory auditor may DISCLAIM)
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Mahavir K.Godse

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Mahavir K.Godse (Querist)
17 October 2012 Thank you very much for your kind reply.

Is there any penalty as such to company for such default?
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