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internal and statutory auditors having common partners ?

bhavini sheth (Article Clerk) (65 Points)

30 January 2010

can internal auditors and statutory auditors of a company have common partners ?

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3 Replies

Amir (Learner) (4016 Points)
Replied 30 January 2010

Dear Bhavini,

I don't think Internal & Statutory Auditors can have common partners

Wait & let's see what other;s reply

None of the following persons shall be qualified for appointment as auditor of a company-

(a) a body corporate;

(b) an officer or employee of the company;

(d) a person who is indebted to the company for an amount exceeding one thousand rupees, or who has given any guarantee or provided any security in connection with the indebtedness of any third person to the company for an amount exceeding one thousand rupees

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Ashish M (Chartered Accountant) (2731 Points)
Replied 30 January 2010

THe institute in its general guidelines issued that the internal auditors of the company should not be its statutory auditors. even the Statutory auditors fo the company is also disallowed from writing books of the compnay of which they are apponited stat auditors. It affects the independence of the auditors.!!!!!!!!!!!!!!!!!!!!!!!!!