CA Vijay R Singh, FCA
Chartered Accountant · ICAI M.No. 153926 · FRN 136869W
Chartered Accountant · ICAI M.No. 153926 · FRN 136869W
Short answerInternal audit is mandatory under Section 138 for listed companies and for certain companies crossing thresholds of turnover, borrowings, paid-up capital or deposits. Smaller private companies aren’t required to have one, though many do it voluntarily for better control.
Who must have it
Listed companies, and unlisted/private companies above prescribed turnover/borrowing/capital limits. Confirm thresholds.
Voluntary for others
Smaller companies often run an internal audit anyway to strengthen controls — see our internal audit service.