IF INTERNAL AUDIT COMES BY LAWS CAN STAT. AUDITORS SIGN THE INTERNAL AUDIT REPORT, IF SIGN IN WHAT CASES
4 Replies
Ravi Singh
(Article Assistant)
(100 Points)
Replied 07 January 2010
no way...stat auditor cnt b internal auditor....
Amir
(Learner)
(4016 Points)
Replied 07 January 2010
Dear Mishra Sir,
A PERSON CAN HOLD POSITIONS OF BOTH INTERNAL AUDITOR AS WELL AS STATUTORY AUDITOR PROVIDED HIS ENGAGEMENT FOR INTERNAL AUDITOR IS ON ASSIGNMENT BASIS (i:e as a CONSULTANT) & NOT AS AN EMPLOYEE..
Since as per Sec 226 - An Employee of a co. cannot be appointed as Statutory Auditor...
payal gupta
(ca final student)
(482 Points)
Replied 08 January 2010
according to provisions of ca act 1949 a ca or prctice unit can't be a internal auditor as well as statutory auditor
Bhavik Davda
(Proprietor)
(238 Points)
Replied 27 January 2010
As per the latest ammendment by ICAI- Statutory auditor can not hold both of the position vis a vis, internal as well as statutory auditor the same will not allow him to express an independent opinion on the financial statements. For more details you can refer to case laws on the appointment of the statutory auditor.
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