Ceiling Limit

Internal Audit 1833 views 3 replies

CA LOVELY ARORA

C.A. B.Com (H) Graduate

2151 Points Joined August 2008

Hi all!

I have a query regarding the Ceiling Limit of Internal Auditor?

Whether it is 20 Public Companies or 10 Public Companies?

I read in the books and also in PCC Classes, that it is 20 Public Companies.

But in Mock Test, the answer is 10 Public Companies.

What is the justified answer, Please Solve the Query.

Regards,

Love Arora

Replies (3)

Guest

(a) in the case of a person or firm holding appointment as auditor of a number of companies each of which has a paid-up share capital of less than rupees twenty-five lakh, twenty such companies;

(b) in any other case twenty companies, out of which not more than ten shall be companies each of which has a paid-up share capital of rupees twenty-five lakh or more.

CA LOVELY ARORA

C.A. B.Com (H) Graduate

2151 Points Joined August 2008

Thnx Ketan for your Info.

The answer in that case should be 20 Public co. as the Question is silent regarding the Paid-up share capital of the company concerned.

CA. ANKUR JAIN

CA.....

2800 Points Joined December 2007

HELLOWW MR. LOVE ARORA

I have a query regarding the Ceiling Limit of Internal Auditor?

M NOT AGREE WITH UR THIS LINE " CEILING LIMIT OF INTERNAL AUDITOR,,,,,, YAR I THINK THERE IS NO LIMITS OF INTERNAL AUDIT AND ACCORDING TO SEC 224(1B) CEILING LIMIT IS SPECIFIED FOR THE APPOINTMENT OF STATUTORY AUDITOR WHO CAN SIGN AND CERTIFY THE FINANCIAL STATEMENTS>>>>>>>>>>