Under CARO- internal auditor

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sanjeev sharma (Querist)
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12 December 2008 HI,
I am Sanjeev. my query is that there is requirement of inernal audit under CARO if unlisted co. has paid up capital and reserves more than 50Lakh. my question is that whether share application money pending for allotment will be included in this condition or not.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 December 2008 Share application money pending allotment need not be considered for evaluating the ceiling of Rs.50 lakhs. Pl refer page 6,para 1, of Icai publication(2004 edition)viz.,Statement on the CARO,2003.

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