Internal audit compliance for Producer Companies expands with mandatory auditor appointment and prescribed reporting requirements. Producer Companies exceeding the prescribed average annual turnover in each of three consecutive financial years must appoint an internal auditor. The auditor may be a chartered accountant, cost accountant, or another Board-approved professional. The manner and intervals of internal audit, and reporting to the Board, are to be prescribed by rules.
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Provisions expressly mentioned in the judgment/order text.
Internal audit compliance for Producer Companies expands with mandatory auditor appointment and prescribed reporting requirements.
Producer Companies exceeding the prescribed average annual turnover in each of three consecutive financial years must appoint an internal auditor. The auditor may be a chartered accountant, cost accountant, or another Board-approved professional. The manner and intervals of internal audit, and reporting to the Board, are to be prescribed by rules.
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