{"id":40153,"date":"2022-12-24T11:03:45","date_gmt":"2022-12-24T05:33:45","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=40153"},"modified":"2024-05-31T14:59:06","modified_gmt":"2024-05-31T09:29:06","slug":"internal-audit-applicability-under-companies-act","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/internal-audit-applicability-under-companies-act\/","title":{"rendered":"Internal audit applicability as per Companies Act 2013"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-40170 size-full\" title=\"Internal audit applicability under Companies Act\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/12\/internal-audit-applicability-as-per-companies-act-2013.png\" alt=\"Internal audit applicability under Companies Act\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/12\/internal-audit-applicability-as-per-companies-act-2013.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/12\/internal-audit-applicability-as-per-companies-act-2013-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/12\/internal-audit-applicability-as-per-companies-act-2013-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/12\/internal-audit-applicability-as-per-companies-act-2013-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/12\/internal-audit-applicability-as-per-companies-act-2013-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/12\/internal-audit-applicability-as-per-companies-act-2013-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>Internal auditing refers to the process of evaluating an organization&#8217;s internal controls, procedures, processes, and methods. The objective of the internal audit is to check the effectiveness of the operating standards established by the organization. It is carried out either by an employee of the organization or by an expert appointed by the board of directors. Let us discuss the internal audit applicability under the Companies Act of 2013.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><b>Table of Contents<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li><a href=\"#an\"><span style=\"font-weight: 400;\">What is an internal audit?<\/span><\/a><\/li>\n<li><a href=\"#is\"><span style=\"font-weight: 400;\">Why is an internal audit system needed?<\/span><\/a><\/li>\n<li><a href=\"#of\"><span style=\"font-weight: 400;\">Appointment of internal auditor<\/span><\/a><\/li>\n<li><a href=\"#for\"><span style=\"font-weight: 400;\">Procedure for appointing an internal auditor<\/span><\/a><\/li>\n<li><a href=\"#audit\"><span style=\"font-weight: 400;\">Applicability of internal audit<\/span><\/a><\/li>\n<li><a href=\"#internal\"><span style=\"font-weight: 400;\">Applicable internal audit threshold for companies<\/span><\/a><\/li>\n<li><a href=\"#report\"><span style=\"font-weight: 400;\">Internal audit report<\/span><\/a><\/li>\n<li><a href=\"#penalty\"><span style=\"font-weight: 400;\">Penalty<\/span><\/a><\/li>\n<li><a href=\"#final\"><span style=\"font-weight: 400;\">Final words<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"an\"><b>What is an internal audit?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">An internal audit is a management tool whose aim is to verify the suitability of internal controls and controls in the company. It is carried out either by the employees of the organization or by a professional firm entrusted with this purpose.<\/span><\/p>\n<h2 id=\"is\"><b>Why is an internal audit system needed?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">An independent and specialized internal audit function enables both management and the supervisory body (e.g. board of directors, audit committee) to fulfill their responsibilities. It brings a systematic and disciplined approach to evaluating the effectiveness of the design and performance of internal control systems and risk management processes. Such an assessment of internal control systems and risk management processes by the internal audit team assures management and the supervisory body that the organization&#8217;s risks have been appropriately mitigated.<\/span><\/p>\n<h2 id=\"of\"><b>Appointment of internal auditor<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The appointment of an internal auditor can only be made by a resolution passed at a meeting of the board of directors as provided in rule 8 of the Companies (<a href=\"https:\/\/www.cagmc.com\/board-meetings-restrictions-on-powers-of-board-of-directors\/\" target=\"_blank\" rel=\"noopener\">Meetings of the Board of Directors and its powers<\/a>) Rules, 2014. Therefore, the company is also required to file Form MGT-14 with the Registrar within 30 days from the date of the resolution board of directors. However, such a requirement to file a resolution with the ROC does not apply to private limited companies.<\/span><\/p>\n<h2 id=\"for\"><b>Procedure for appointing an internal auditor<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Companies must follow the procedure below to appoint an internal auditor:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To be eligible for an appointment as an internal auditor, obtain written consent from the proposed new auditor.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Send a notice of the board meeting to each director of the company and call a board meeting to appoint an internal auditor.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">File e-form MGT-14 with ROC for internal auditor\u2019s appointment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Send a cover letter to the newly appointed internal auditor expressing his appointment in the company.<\/span><\/li>\n<\/ul>\n<h2 id=\"audit\"><b>Applicability of internal audit<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Section 138 and Rule 13 of the Companies (Accounts) Rules 2014 provide for internal audit. The following companies will be required to appoint an internal auditor:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Every listed company;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Every unlisted public company, if it fulfills any of the criteria mentioned under<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Paid-up share capital of fifty crore rupees or above during the preceding FY (Financial Year)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">turnover of two hundred crore rupees or above during the previous FY<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any time during the previous financial year<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">outstanding deposits of twenty-five crore rupees or more at any time during the previous financial year; and<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Every private company if it fulfills any of the criteria mentioned as<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">a turnover of two hundred crore rupees and above during the preceding FY; or<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any time during the previous financial year.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 id=\"internal\"><b>Applicable internal audit threshold for companies<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The applicable internal audit threshold for companies in tabular form is given below-<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Details<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Listed companies<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Unlisted public companies<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Private Limited companies<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Paid-up share capital<\/span><\/td>\n<td style=\"border: 1px solid #555;\" rowspan=\"4\"><span style=\"font-weight: 400;\">Internal audit is mandatory without any threshold<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs 50 crores or more<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">NA<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Turnover<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs 200 crore or more<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs 200 crore or more<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Outstanding loans from banks or financial institutions<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Exceeding Rs. 100 crores<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Exceeding Rs. 100 crores<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Outstanding deposits<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Rs 25 crores and above<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">NA<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"report\"><b>Internal audit report<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The internal audit report must be sent to the board of directors of the company. It is the internal auditor&#8217;s responsibility to report risk management issues and identified internal control deficiencies. Must report directly to the Audit Committee\/Board of Directors and suggest recommendations to improve the functioning of the company in terms of effective and efficient performance.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Note: The Company\u2019s internal auditor is authorized to inspect the minutes of the board of directors and any of its committees, as well as the minutes of general meetings if he deems it necessary for the performance of his duties.<\/span><\/p>\n<h2 id=\"penalty\"><b>Penalty<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Section 138 does not establish any specific criminal provisions. Thus, the criminal provisions mentioned in Section 450 would be applicable in case of violation of Section 138.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Accordingly, a fine of up to Rs.10, 000\/- will be imposed on the company and any officer of the company in default for violation. An additional fine of Rs 1,000 every day will also be imposed if the violation continues. Offenses under Section 138 are compoundable under Section 441 of the <a href=\"https:\/\/www.mca.gov.in\/content\/mca\/global\/en\/acts-rules\/companies-act\/companies-act-2013.html\" target=\"_blank\" rel=\"noopener\">Companies Act, 2013<\/a>.<\/span><\/p>\n<h2 id=\"final\"><b>Final words<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Because internal auditors are specialists in understanding organizational risks, they help management understand these topics and offer recommendations for improvement. This is why, although internal audit is not mandatory for everyone, businesses often perform it to evaluate the effectiveness of internal control, the reliability of the financial system, the efficiency of business processes, etc.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Internal auditing refers to the process of evaluating an organization&#8217;s internal controls, procedures, processes, and methods. 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