Can a B.Com qualified staff appointed as an Internal Auditor of a Company as per Companies Act

Dear Professionals,

As per sec 138 of Co. Act 2013-

"Such class or classes of companies as may be prescribed shall be required to appoint an internal auditor, who shall either be a chartered accountant or a cost accountant , or such other professional as may be decided by the Board to conduct internal audit of the functions and activities of the company."

Kindly respond your pinion whether a B.Com qualified staff can appoint as an Internal Auditor of Unlisted Pvt. Limited Co.

Such class or classes of companies as may be prescribed shall be required to appoint an internal auditor, who shall either be a chartered accountant or a cost accountant, or such other professional as may be decided by the Board to conduct internal audit of the functions and activities of the company

Read more at: https://taxguru.in/company-law/internal-audit-section-138-companies-act-2013.H T M L
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The Internal auditor may be a CA/CWA or any other professional.

Read more at: https://taxguru.in/company-law/internal-audit-section-138-companies-act-2013.H T M L
Copyright © Taxguru.in
Replies (2)
Quick Summary
This discussion explores whether a B.Com qualified individual can be appointed as an Internal Auditor for a company under Section 138 of the Companies Act, 2013. While the Act specifies a Chartered Accountant or Cost Accountant, it also allows for 'such other professional as may be decided by the Board'. The consensus leans towards the Board having the discretion, but the primary qualification requirement is often interpreted as CA or CMA.

It is up to the Board to decide.
No, it has to be a CA or CMA as per Companies Act 2013

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