IF INTERNAL AUDIT COMES BY LAWS CAN STAT. AUDITORS SIGN THE INTERNAL AUDIT REPORT, IF SIGN IN WHAT CASES
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no way...stat auditor cnt b internal auditor....
Dear Mishra Sir,
A PERSON CAN HOLD POSITIONS OF BOTH INTERNAL AUDITOR AS WELL AS STATUTORY AUDITOR PROVIDED HIS ENGAGEMENT FOR INTERNAL AUDITOR IS ON ASSIGNMENT BASIS (i:e as a CONSULTANT) & NOT AS AN EMPLOYEE..
Since as per Sec 226 - An Employee of a co. cannot be appointed as Statutory Auditor...
according to provisions of ca act 1949 a ca or prctice unit can't be a internal auditor as well as statutory auditor
As per the latest ammendment by ICAI- Statutory auditor can not hold both of the position vis a vis, internal as well as statutory auditor the same will not allow him to express an independent opinion on the financial statements. For more details you can refer to case laws on the appointment of the statutory auditor.
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