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What is the applicability of internal audit in a company?

Raj
Answered on February 13,2020

Applicability of internal audit is as follows:

Listed company: Always applicable
Unlisted public company: Where any of the below conditions is satisfied:
- Paid up share capital >= INR 500 million during the preceding financial year
- Turnover (income) >= INR 2 billion during the preceding financial year
- Outstanding loans or borrowings from banks or public financial institutions exceeding INR 1 billion or more at any point of time during the preceding financial year
- Outstanding deposits >= INR 250 million at any point of time during the preceding financial year
Private company: Where any of the below conditions is satisfied:
- Turnover >= INR 2 billion during the preceding financial year
- Outstanding loans or borrowings from banks or public financial institutions exceeding INR 1 billion or more at any point of time during the preceding financial year

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