Internal Auditor (Section 138)
- Such class or classes* of companies as may prescribed need to compulsorily appoint Internal Auditor to conduct the internal audit of functions and activities of the company
- Internal Audit shall be done either by a CA or a cost accountant, or such other professional as may be decided by the board of directors.
* Prescribed class of companies
- listed companies, and
- public companies :-
- with paid-up capital or Rs 10 crores or more
- with outstanding loans or borrowings from banks or public financial institutions exceeding Rs 25 crores or which have accepted deposits of Rs 25 crores or more at any point of time during the last FY.