09 June 2008
I would not say that these are Duties but yes an Internal Auditor has to consider below while checking CARO compliances:
Clause 4 (iv) – Internal Control System * Adequacy of internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. Whether there is a continuing failure to correct major weaknesses in internal control system.
Clause 4 (vii) - Internal Audit System * In the case of listed companies and/or other companies having a paid-up capital and reserves > Rs. 50 lakhs as at the start of the financial year concerned, or having an average annual turnover > Rs. 5 crores for a period of three consecutive financial years immediately preceding the year concerned, whether the company has an internal audit system commensurate with its size and nature of business;