InternalAudit Requirement

Save Share

This query is : Resolved

Quick Summary

For a Private Limited Company with a turnover exceeding Rs. 200 crore in the preceding financial year, an internal audit is compulsory. The board has the discretion to appoint a Chartered Accountant, a Cost Accountant, or another qualified professional to conduct the audit.

MAKARAND DAMLE

MAKARAND DAMLE (Querist)
Follow

26 April 2023 For a Private Limited Company having turnover of Rs.500 CR

My questions is whether Internal audit is compulsory ?
If yes then should it be conducted by Chartered Accountant only ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

26 April 2023 Yes, it's compulsory as turnover exceeds 200 crore.
Chartered accountant or Cost accountant can be appointed.

Jatin Bajaj

Jatin Bajaj (Expert)
Follow

27 April 2023 yes if the turnover of the Company in the immediately preceeding financial year is 200 crores or more, cost accountant, chartered accountant or any other professional appointed by board may be appointed as internal auditor

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!