Statutory auditor can be internal auditor

This query is : Resolved

Nitin Choudhary (Querist)
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26 July 2013 Hi all......

please let me know that can statutory auditor of a PSU can take up the assignment of internal audit subsequent to the completion of his tenure as stat. auditor

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 July 2013 yes,but it cannot be done simultanously.

Hemant Kumar

Hemant Kumar (Expert)
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26 July 2013 Agree with Tushar... One party can not audit both (Internal and Statutory) at same time.

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Ganeshbabu K

Ganeshbabu K (Expert)
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26 July 2013 Yes, he can retire from statutory auditor and can re-appoint as a internal auditor

Nitin Choudhary

Nitin Choudhary (Querist)
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27 July 2013 Thanks to all for valuable suggestions.....Please provide me the notification if any in this regard.

Hemant Kumar

Hemant Kumar (Expert)
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27 July 2013 Go through following link.:
There is one judgement given by ICAI Expert Advisory committee in this regard.

http://220.227.161.86/eac/eacfinal/vol21/45.htm