Statutory/ internal auditor

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ARUN kUMAR JAIN (Querist)
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25 April 2014 can a statutory auditor of holding company become a internal auditor in subsidiary company or any associate company. if yes then under which section of company act 2013.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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25 April 2014 no its not allowed.............................

ARUN kUMAR JAIN

ARUN kUMAR JAIN (Querist)
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25 April 2014 is there any section which restricts this kind of appointment.
what if both the companies are private limited companies.....

ARUN kUMAR JAIN

ARUN kUMAR JAIN (Querist)
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25 April 2014 is there any section which restricts this kind of appointment.
what if both the companies are private limited companies.....

Avneesh Mishra

Avneesh Mishra (Expert)
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25 April 2014 Dear Mr. Jain,

Section 144 of Companies Act Clearly States that, An Auditor not to render any of the following services (whether such services are rendered directly or indirectly to the company or its holding company or subsidiary company,namely:—
(a) accounting and book keeping services;
(b) internal audit;
(c) design and implementation of any financial information system;
(d) actuarial services;
(e) investment advisory services;
(f) investment banking services;
(g) rendering of outsourced financial services;
(h) management services; and
(i) any other kind of services as may be prescribed.

Trust this answer suffice your query.

Regards,
Avneesh Mishra

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