Is it mandatory to have an internal audit activity?
Internal Audit Activity is mandatory for the following persons:
- Every Listed Company
- 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
- 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
