Can CS be an Internal Auditor

[Rajesh]

Dear Friends,

Can a whole-time Company Secretary be appointed as an Internal Auditor of the Company? 

As per section 138, an internal auditor may be a chartered Accountant or a Cost Accountant or any other professional as may be decided by the Board to conduct internal audit function of the company.

Rule 13 of Companies (Accounts) Rules, 2014 says an Internal Auditor may or may not be an employee of the company.

Please share your views.

Regards,

Rajesh R

[CS CMA Meena]

Yes, CS can act as internal auditor of the Company

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[Ritu Jhunjhunwala]

yes can be

Regards,

Ritu Jhunjhunwala

R. Jhunjhunwala & Co.

Company Secretary

Email : rjhunjhun...@gmail.com

Cell No.: +919748710111

[CS Amarjyoti Das]

Yes, wholetime company Secretary can be appointed as Internal Auditor of a Company.

Regards,CS Amarjyoti Das.

[VANDANA PERIWAL]

In view of same, can a practicing CA who is director in a company can also be appointed as internal auditor??

 

 

 

Also, what is the definition of professional. A person having 40+ years of work experience at senior management level but possessing only a M.Com degree be treated as professional or not??

[Sandeep tanwar]

Yes, there is no such restriction in the act

Sent from my BlackBerry 10 smartphone.

From: VANDANA PERIWAL Sent: Wednesday 27 August 2014 1:16 PM To: csmy...@googlegroups.com Reply To: csmy...@googlegroups.com Subject: [CSMysore] Re: Can CS be an Internal Auditor

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[Kumar Basant]

Hi Friends

I understand that though the law does not restrict appointment of Whole Time Company Secretary as Internal Auditor but still appointment of such CS may raise conflict of interest and might be essence of section will be lost. As such CS would be easily influenced by CS and if the scope of Internal Audit covers the secretarial audit also, then the purpose of having Internal audit will not be complete.

Others view solicited

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Regards,

CS Kumar Basant Bhagirathi

[Sweety Rai]

Hi Friends,

Mr. Kumar view is right because the option as CS & Internal Auditor conflict the interest & can't work in Dule Capacity in the Same Company Because For internal auditor required to do over all over department audit not to specific one

So in my View can't appoint cs as Internal Auditor

Others view also solicited

   Regards

  Sweety Rai

Divya Jyoti Industries limited

Company secretary & Compliance Officer 

[CS Zaffar Rizwani]

I am also agree with view of Kumar Basant.

Best Regards.....!!!

CS Mohd. Zaffar Rizwani

Company Secretary

The Cotton Corporation of India Limited

(A Government of India Undertaking)

Kapas Bhawan, Sector -10, CBD Belapur, 

Navi Mumbai - 400 614
Mob. No. +91- 8879792592

Phone No. +9122 - 27571372
              

 

 

 

 

 

 

[VANDANA PERIWAL]

Ms. Sweety and Mr. Kumar,

 

Though you are logical at your statements as to how a full time CS is supposed to engage in dual capacity and as if secretarial audit is also covered under internal audit the how can a person can do audit of  the work performed by himself.

But the point is that it is not barred by law. Now its upon the company itself what to do what not.

 

 

 

Thanks and Regards
CS Vandana Periwal

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[Sweety Rai]

Dear Madam,

As per Sec. 205 of NCA, 2013 secretarial audit Report given by a PCS, so how Its Possible for Whole Time CS in Employment to appoint as Internal Auditor, Company Can't appoint CS as Internal Auditor in Same Co.

[VANDANA PERIWAL]

Dear Ms. Sweety

 

I was acknowledging Mr. Kumar's statement. And internal audit may cover internal secretarial audit also.. Right??

 

 

 

Thanks and Regards
CS Vandana Periwal

[Sweety Rai]

Yes, cover internal secretarial audit also.