Internal audit requirement

CA Prashant Gupta (DGM (F & A)) (14068 Points)

22 January 2013

Dear All in which situations company need to hire internal auditor? please tell provision and all requirements for internal audit thanks in advance

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Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
Replied 22 January 2013

The statutory auditor has to report in the audit report if internal audit system is coomensurate with the size of the company.

IA need not be an outside firm/agency. Need not be a CA. Even an employee can be IA.

IA is attracted if paid up capital and reserves exceed 50L at the commencement of FY or average annual turnovers of last 3 years exceed 5 crores.

Regards,

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