Under Section 138 Companies Act 2013, internal audit is mandatory for which class of companies?

1. Section 138 Companies Act 2013 requires prescribed classes of companies to appoint an internal auditor (chartered accountant or cost accountant or such other professional). 2. Rule 13 Companies (Accounts) Rules 2014 prescribes: every LISTED company; every unlisted public company having paid-up capital ≥ Rs 50 crore, turnover ≥ Rs 200 crore, outstanding loans ≥ Rs 100 crore, or outstanding deposits ≥ Rs 25 crore in the preceding FY; every PRIVATE company having turnover ≥ Rs 200 crore or outstanding loans ≥ Rs 100 crore in preceding FY. 3. Audit Committee shall, in consultation with the internal auditor, formulate the scope, functioning, periodicity and methodology. 4. Hence option B is correct. _Source: Companies Act 2013 (Act 18 of 2013), Govt. of India MCA — Companies Act 2013, Section 138; Companies (Accounts) Rules 2014, Rule 13_