101 Points
Joined April 2017
Hi. As per the notification (MCA-Noticfication no. 742(E) -dt.-27.07.2016 Cos-Acc.-Amendmnt-Rules-2016), a body corporate can be an internal auditor under section 138. Refer to clause 4 of this notification which amends principle rule 13. An individual, partnership firm or a body corporate can be an internal auditor. Since a private company cannot be a body corporate it cannot be an internal auditor.