Section 138 of The Companies Act, 2013 (Internal Audit)

Section 138: Internal Audit (Relevant Rule 13 of The Companies (Accounts) Rules, 2014)

• Applicable to:

 Listed Co.
 Unlisted public Co. having:
 i.Paid Up Sh. Capital >= 50 Cr. in preceding FY
 ii.Turnover >= 200 Cr. in preceding FY
 iii.O/S Loans from banks or PFI > 100 Cr. at any point of time in preceding FY
 iv.O/S Deposits > 25 Cr. at any point of time in preceding FY swiss replica watches
Private Co. having:
 i.Turnover >= 200 Cr. in preceding FY
 ii.O/S Loans from banks or PFI > 100 Cr. at any point of time in preceding FY

• Internal Auditor shall either be a CA, Cost Accountant or such other professional as may be decided by the swiss breitling replica board.
• Internal Auditor may or may not be an employee of the Co.
• CA can conduct audit irrespective of the fact that he is in practice or not.
• CG may, by rules prescribe the manner, intervals & reporting of the Audit
• Audit Committee or Board after consulting internal auditor will decide the scope, functioning, periodicity & methodology of the audit.
• Transitional Provisions: Existing companies to whom provisions of this section applies shall start complying with the same within six months of commencement of the fake rolex watches section.

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