Appointment of statutory auditor

May be appointed provided the Internal Auditor resigns. 

ya, may be internal auditor can act as an extarnal auditor of a company.

Internal Auditor acting as Statutory Auditor:

Where an Internal Auditor is an employee of the company, he is disqualified for appointment as a Statutory Auditor. But where a company employs an outside firm to conduct its Internal Audit, the Internal Auditor does not become an employee of the company. Even in such a case, the Internal Auditor cannot be appointed as a statutory Auditor, because it will not be possible for him to give as independent and objective report under section-227 read with CARO, 2003.

As per CARO, 2003 Statutory Auditor has to state in his report whether there is adequate Internal Control System in the company….

Hope now you can interpret yourself….

To conclude I would say in no case internal auditor can be appointed as a statutory auditor. If you still have a doubt then please post it.

Best Regards

Read more at: /forum/can-internal-auditor-do-statutory-audit-33237.asp#.Uom2D1Ivqp0

Agreed Sir, but can't the Internal Auditor be reappointed as a Statutory Auditor in the next year after resigning as an Internal Auditor in the current year ?

Originally posted by : Amrit Dalmia
	Agreed Sir, but can't the Internal Auditor be reappointed as a Statutory Auditor in the next year after resigning as an Internal Auditor in the current year ?

Dear Sir,

I would also second your opinion as appointment for the next year is very much possible after resignation in the current year.

Regards

Thanks Sir.

Regards

when an internal auditor is resigned he can appoint as an  external auditor.