Internal Audit
This query is : Resolved
15 March 2008
CARO stands for Companies Auditor's Report Order. If u go through CARO,2003, u will find to which companies it is applicable and u will also find the applicability of Internal audit in CARO itself
15 March 2008
internal audit is not compulsory. caro is a report prepared u/s 227(4) of cop. law
15 March 2008
INTERNAL AUDIT IS NOT COMPULSORY UPTO CERTAIN LIMITS
17 March 2008
Internal Audit is comuolsory for Compnies having turnover morethan specified limit. And According to CARO,2003 companies are required to give additional details as specified in format perscribed by the order. It shall apply to every company including a foreign company as defined in section 591 of the Act,except the following:-(i)a Banking company asdefined in clause (c) ofsection 5 of the Banking Regulation Act, 1949 (10 of1949);(ii) an insurance company as defined in clause (21) ofsection 2 of the Act;(iii) a company licensed to operate under section 25 ofthe Act; and(iv) a private limited company with a paid up capital and reserves not more than fifty lakh rupees and has notaccepted any public deposit and does not have loanoutstanding ten lakh rupeesor more from any bank or financial institution and does not have a turnoverexceeding five crore rupees.
17 March 2008
Are you satisfied. You may rate me as you like.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
