Internal Audits

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Badarinath (Querist)
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15 October 2009 1.Can a Private Limited Company which is a consultancy company carry internal Audits under the Companies Act 1956, by employing both Qualified and non Qualified persons?

2.To Carry the Internal Audits for any Companies, is there any requirement that only Professionally Qualified Persons has to Carry the internal Audits?

CA Suresh Choudhary

CA Suresh Choudhary (Expert)
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15 October 2009 In my view, Internal audit has to be done by the qualified chartered accountants only.

Badarinath

Badarinath (Querist)
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15 October 2009 Suresh, can please you provide us additional information in support of your reply.

Does the companies Act, Specify any where that only Qualifed Chatered Accountants can carry internal Audits?

Does Chartered Accountants Act talks about that?

CA Nilesh Karn

CA Nilesh Karn (Expert)
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16 October 2009 NO, Internal Audits can be done by any person who have the knowledge of accounting and other aspects of the respective company. There is no provision in the act that internal audit should be done only by Qualified Professionals, the only requirement is that Company should have a proper internal audit system.
But many companys prefer to conduct the internal audit by Qualified professional for reliablility purpose and for better service.

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