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Internal auditor vs statuotry auditor

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 September 2013 An audit firm which is working as internal auditor of the company for last three years and issuing internal audit reports to the management. Now the company wants to appoint the internal auditor as its statutory auditor in the forthcoming AGM?

Is there any violation of the ICAI code of conduct or ethics? or is there any guideline that internal auditor can not be appointed as statutory auditor for the next three years?
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
05 October 2013 No the internal auditor can be appointed as statutory auditor but he cannot act in both the capacities for the same year.

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