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Internal audit system

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(Querist)
10 November 2011 Is it mandatory for a Private Company on which CARO is applicable to have an Internal Audit system ?

And if it is mandatory, and the company does not have an Internal Audit system themn what consequences will follow ?
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RG - A Helping Hand

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RG - A Helping Hand (Expert)
14 November 2011 No formal installation of internal audit syatem is required legally.

However it is advisable to install something like this for better performance of the company.

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