In case of Provisions of section 138 was applicable to a private limited company, accordingly internal auditor was liable to be appointed. Who can be eligible to be appointed as an internal auditor. Whether any qualification such as CA or CWA is required or a graduate having sufficient experience can be appointed as an internal auditor. Please provide clarity?
27 May 2023
Internal auditor should be a professional per section 138(1).No need to consult with Statutory Auditor. Board of Directors has to decide such appointment. Inference - Rule 1 of Companies (Accounts) Rules,2014.
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