Can Internal Auditor be Stat Auditor of other Subsidiary

Parag Goel (Job Hunting) (24 Points)

16 July 2010  

There is a Company ABC. It has three subsidiaries 1, 2 & 3.

XYZ is Internal Auditor of Subsidiary 2.

QUESTION

Can XYZ be Statutory Auditor of any other Subsidiary say 1 or 3?

I would be grateful if you can support your answer.