Is it mandatory to have an internal audit activity?

1 Answer(s)

Internal Audit Activity is mandatory for the following persons:

  1. Every Listed Company
  2. Every Unlisted Public Company having:
    • Paid-up share capital of Rs.50 Cr or more during preceding FY
    • Turnover Rs. 200 Cr or more during preceding FY
    • Outstanding Loans & Borrowings from Banks or Public Financial Institutions exceeding Rs. 100 Cr or more at any point of time during preceding FY
    • Outstanding Deposits of Rs. 25 Cr or more at any point of time during preceding FY
  3. Every Private Company having:
    • Turnover Rs. 200 Cr or more during preceding FY
    • Outstanding Loans & Borrowings from Banks or Public Financial Institutions exceeding Rs. 100 Cr or more at any point of time during preceding FY
Suveer Sachdeva Financial Analyst Answered on January 7, 2015.
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