Appointment of Internal auditor in Public unlisted company

[Aditi Jain]

Dear All,

Kindly clarify following queries related to appointment of internal auditor:

1. If turnover exceeds threshold limit as on 31.03.2024, do we need to appoint internal auditor for audit of 2023-24 or 2024-25?

2. What is the maximum time period after 31.03.2024 by which he should be appointed?

3. What is the term of internal auditor?

4. If we appoint an internal auditor during 2024-25, will he be doing the audit of 2023-24 or 2024-25?

Regards,

Aditi Jain

[Aimers Financial Solutions]

1.  If your company's turnover exceeds the threshold limit as of March 31, 2024, you generally need to appoint an internal auditor for the financial year 2024-25.  So, the appointment would be applicable for the year in which the turnover crosses the threshold (2024-25).  For the audit of the financial year 2023-24, if the threshold limit was not exceeded, you wouldn't be required to appoint an internal auditor for that specific year.

2. According to the Companies Act, 2013 in India, an internal auditor should be appointed for a financial year. If your company's turnover exceeds the threshold limit as of March 31, 2024, you should appoint an internal auditor by the beginning of the financial year 2024-25. This means the internal auditor should be appointed on or before April 1, 2024, which is the start of the financial year 2024-25.

Thanks and Regards 

Yashika 

Proprietor  

(Aimersfinancialsolutions) 

Contact no. 7982312547

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[ruchi singh]

HI,

Below are our comments:

1. If turnover exceeds threshold limit as on 31.03.2024, do we need to appoint internal auditor for audit of 2023-24 or 2024-25? you have to appoint Internal Auditor for 2024-25

2. What is the maximum time period after 31.03.2024 by which he should be appointed?- there is no time mentioned in the act for appointment of Internal Auditor after applicability.

3. What is the term of internal auditor?- Nothing mention in the Act for tenure, You can appoint for 1 Year or 2, 3, 5 as you want

4. If we appoint an internal auditor during 2024-25, will he be doing the audit of 2023-24 or 2024-25?-your applicability is for 2024-25 so he will do Audit for 

24-25 and you can mention the same year at the time of appointment of 2024-25.

Regards

CS Ruchi Singh

Ruchi SIngh & Co.

Mobile No 9310266044

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On Fri, Sep 13, 2024 at 1:13 PM Aditi Jain <c...@banbrosconsulting.com> wrote:

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