21 September 2013
Companies Act doesnt mandate concurrent and internal audit.
However, CARO requires comments on the internal control system if a private limited company with a paid-up capital and reserves more than fifty lakh rupees or loan outstanding exceeding Rupees Twenty Five lakhs from any bank or financial institution or have a turnover exceeding five crores rupees at any point of time during the financial year.
However, some regulated entities such as stock brokers, merchant bankers, etc (basically entities regulated by SEBI, Stock exchanges, IRDA) may be required to get internal and concurrent audit done in accordance to respective regulations governing them
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