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As per the Companies Act 2013, the requirement regarding the formulation of the scope, functioning, periodicity, and methodology for conducting the internal audit is mentioned in Section 138. Section 138(1) of the Companies Act 2013 states: "The Board of Directors of every company and, where applicable, its Audit Committee shall, in respect of a financial year, appoint an internal auditor or a firm of internal auditors, to conduct internal audit of the functions and activities of the company." This section mandates the appointment of an internal auditor for conducting an internal audit of the company's functions and activities. The Audit Committee, in consultation with the Internal Auditor, is responsible for formulating the scope, functioning, periodicity, and methodology of the internal audit process. This ensures that the internal audit is conducted effectively and efficiently to assess the company's internal control systems and financial reporting processes.
The cost price of two dozen bananas is Rs. 96. After selling 18 bananas at the rate of Rs. 36 per dozen, the shopkeeper reduced the rate to Rs. 24 per d...
The difference between the cost price and sale price of an article is Rs.450 and the profit is 25%. Find the selling price.
If 7% of S.P. is equal to 8% of C.P. and if 9% of S.P. is Rs. 2 more than 10% of C.P, then find C.P. and S.P.
A man bought an washing machine of Rs.15000 and spend Rs.2000 on its repairing and Rs.1000 for buying its new parts. After few days he vend it...
A company produces 5,000 units of a product in a month. The fixed cost is Rs 10,000, and the variable cost per unit is Rs 15. If the company sells each ...
The sale price of an item is set at 30% above the cost price. After giving a 10% discount on the marked price, what is the merchant’s profit percentag...
Each of the articles was marked 25% above its cost price and while selling 12% discount was given on it. The cost price of article M is Rs. 500 more tha...
A invested Rs X in a scheme. After 6 months, B joined with Rs 7500 more than that of A. After an year, ratio of profit of B to the total profit was 3: 7...
The cost price of 25 apples is Rs.60. If it is sold at 25% profit, then how many apples will be sold for Rs.42?
After giving a discount of 20% on the marked price of an article, it is sold for ₹120. Had the discount not been given, the profit would have been 20...