https://www.taxtmi.com/circulars?id=10910 The internal auditor is appointed by management and functions in an employee-like capacity, while the statutory auditor is appointed to perform independent reporting obligations and must assess internal control procedures and the existence of an internal audit system; if the same person served as both, they could not provide the independent and objective report required, and therefore a statutory auditor cannot also be the company's internal auditor. en-us Fri, 27 Aug 1976 00:00:00 +0530 Fri, 17 Jun 2011 17:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10910 The internal auditor is appointed by management and functions in an employee-like capacity, while the statutory auditor is appointed to perform independent reporting obligations and must assess internal control procedures and the existence of an internal audit system; if the same person served as both, they could not provide the independent and objective report required, and therefore a statutory auditor cannot also be the company's internal auditor. Circulars Companies Law Fri, 27 Aug 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10910