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Internal audit

agam bhasin (agra) (28 Points)

31 May 2015

whether it is compulsion to do internal audit for a company

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Deepak Gupta (CA Student) (15922 Points)
Replied 31 May 2015

The following class of companies shall be required to appoint an internal auditor:
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(a) every listed company
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(b) every unlisted public company having:
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(i) paid up share capital of Rs. 50 crore/more during the preceding FY; or
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(ii) turnover of Rs. 200 crore/more during the preceding FY; or
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(iii) outstanding loans/borrowings from banks/public financial institutions exceeding Rs. 100 crore/more at any point of time during the preceding FY; or
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(iv) outstanding deposits of Rs. 25 crore/more at any point of time during the preceding FY; and
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(c) every private company having:
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(i) turnover of Rs. 200 crore/more during the preceding FY; or
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(ii) outstanding loans/borrowings from banks/public financial institutions exceeding Rs. 100 crore/more at any point of time during the preceding FY
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- Refer to Rule 13 of the Companies (Accounts) Rules, 2014

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agam bhasin (agra) (28 Points)
Replied 31 May 2015

if the private ccompany exceeds the limit of external loan of 100crore in 2013 and it brings down the external loan to 95crore should the company require for internal audit