Internal Audit as
per Companies Act 2013
W.e.f from 1st
April 2014
1) As
per sec 138 – CA, CWA or any other professional can be appointed by Board as Internal Auditor
2) As
per Rule 13 of Company (accounts) Rules (Chapter 9)
– Following class of companies need to have internal auditor or firm of
internal auditors if they meet any of the below mentioned criteria:
3) Existing
company covered under above criteria need to comply with sec 138 and rule
within 6 months of commencement of such section.
4) Internal
auditor may or may not be an employee of the company
5)Chartered accountant may or may not be in practice.
6) The
Audit Committee or the Board shall, in consultation with the Internal Auditor, formulate the scope, functioning, periodicity and methodology for
conducting the internal audit.
