Internal auditor

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Rakesh Jain (Querist)
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30 January 2016 Hi Experts,

Please inform the details of Internal Auditor :

1) Criteria of appointment
2) Based on same applicability to DN Companies
3) Penal provisions for non-compliance means not appointing Internal Auditor
4) Also is there a mandatory requirement to present the report in BOD meeting.
5) Who can be appointed as Internal Auditor

CS Divesh Goyal

CS Divesh Goyal (Expert)
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01 February 2016 Mr. Rakesh,

Once you will read the Section 138 you will come to know the all answers of your questions:

1. Board of Director will appoint and file mGT-14
2. Yes mandatory to present their report in BM
3. Penalty for non compliance of 138

Rakesh Jain

Rakesh Jain (Querist)
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01 February 2016 5) Who can be appointed as Internal Auditor- Chartered Accountant, or a Cost Accountant, or such other professional as may be decided by the Board to conduct internal audit.

Regarding other professional as may be decided by the Board.
This should be external professional or any internal professional can be there.
What is the meaning of professional.

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