Internal audit

(1)

Such class or classes of companies as may be prescribed shall be required to appoint an internal auditor, who shall either be a chartered accountant or a cost accountant, or such other professional as may be decided by the Board to conduct internal audit of the functions and activities of the company.

(2)

The Central Government may, by rules, prescribe the manner and the intervals in which the internal audit shall be conducted and reported to the Board.

Notes, amendments & references (3)

This section shall apply to IFSC Public Company and IFSC Private Company if the articles of the company provides for the same vide GSR 8(E)and GSR 9(E) dated 04.01.2017.To view the notification Click Here

Refer rule 13 of the Companies (Accounts) Rules, 2014.To view the rule, Click Here

Chartered Accountant means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949) who holds a valid certificate of practice under sub-section (1) of section 6 of that Act