Audit Committees

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31 Points Posted on 13 June 2021
is it compulsory to have audit committee if private companies having turnover above 100cr or outstanding loans or deposit above 50cr?? THANKS IN ADVANCE 🙂🙂
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On 13 June 2021 at 14:37 Report
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This discussion clarifies the mandatory requirements for audit committees in UK private companies. It addresses whether companies exceeding specific turnover or loan/deposit thresholds are legally obligated to form such a committee. The consensus indicates that these requirements generally do not apply to private companies.

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Chartered Accountant
24588 Points Posted on 13 June 2021
Yes it is mandatory
1 Reply
On 13 June 2021 at 19:03
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372 Points Posted on 14 June 2021
Yes it is mandatory & also require to form remuneration and nomination committee
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On 14 June 2021 at 07:47
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31 Points Posted on 14 June 2021
But us /177, private company is not mentioned??
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On 14 June 2021 at 14:33
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372 Points Posted on 14 June 2021
Private company is exempt to follow
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On 14 June 2021 at 14:53
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Chartered Accountant
24588 Points Posted on 14 June 2021
It is not applicable for private companies
1 Reply
On 14 June 2021 at 15:51

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