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Sep 29, 2022 · Understand the applicability of internal audit under the Companies Act, 2013 & CARO reporting. Learn how it helps evaluate risk management, control, and governance processes.
Dec 18, 2022 · The present article provides a complete briefing on the applicability of internal audit; scope of internal audit; qualification of the internal auditor; appointment of the internal auditor; types of internal audit; penalty for non-compliance with the internal audit and relevant FAQs.
Apr 21, 2020 · APPLICABILITY of Internal Audit. Sec 138 of the Companies Act, 2013. Rule 13 (1) of Companies (Accounts) Rules, 2014. The following class of companies shall be required to appoint an internal auditor or a firm of internal auditors, namely:-
May 16, 2024 · Understanding internal audit applicability under the Companies Act 2013 is crucial for Indian companies. It ensures internal controls, promotes regulatory compliance and protects stakeholder interests.
THE COMPANIES ACT, 2013 _____ ARRANGEMENT OF SECTIONS _____ CHAPTER I PRELIMINARY SECTIONS 1. Short title, extent, commencement and application. 2. Definitions. CHAPTER II INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO 3. Formation of company. 4. Memorandum. 5. Articles. 6. Act to override memorandum, articles, etc. 7. Incorporation of ...
Jan 22, 2019 · 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. 5.
the Companies Act, 2013, and the rules notified there under would be applicable for every company or a class of companies (both listed and unlisted) as may be provided therein.
Nov 10, 2023 · Sub-section (1) of Section 138, Companies Act mandates that businesses that must conduct internal audits appoint an internal auditor: Either a Chartered Accountant (whether practicing or not), a Cost Accountant (whether practicing or not), or both are required for internal auditor qualification.
Feb 26, 2024 · These provisions aim to ensure that the companies have an effective internal audit applicability in place, which can enhance their transparency, accountability, and compliance. In this blog post, we will discuss the following topics related to internal audit applicability as per the Companies Act 2013:
SECTION 138. INTERNAL AUDIT. [ Effective from 1st April, 2014] EXEMPTION. In case of a Specified Public Company Section 138 shall apply if the articles of the company provides for the same, vide Notification No. 8 (E) dated 04th January, 2017.
