Dear Friends,
When is internal audit applicable?
Regards.
deepali agarwal
(Company Secretary)
(1289 Points)
Replied 21 September 2012
Internal audit is mandatory for closely held companies when: a) the paid up capital and reserves exceed more than Rs 50L at the commencement of the concerned financial year. b) the average turnover exceeds Rs 5Cr for 3consecutive years, preceding the concerned financial year. If any of the above conditions are satisfied by a pvt limited company then internal audit is mandatory.
CAclubindia
