Hello everyone,
As per section 138, the Board of a company may decide to appoint 'such other professional' as internal auditor. I have couple of questions here:
1. Does this mean that the internal auditor in such cases need not be a chartered accountant or a cost accountant?
2. Will the standards on internal audit issued by ICAI be binding on 'such other professional' conducting the internal audit?
Thanks
Sandeep
yes he may be even the non ca employee of the company as decided by the board and will not be bounded by SIA and will conduct internal audit using these SIA as recomandatory to him and make his own report
Yes, he may or not may be ca for conducting internal audit u/s 138 of companies Act 2013.. Any person who is authorised by the Board of Director of the company he can be the itnernal auditor of the company . and no any internal audit standards apply on it which is issued by ICAI.
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