As per Section 138 of Companies Act, 2013 read with Rule 13 of Companies (Accounts) Rules 2014, a certain class of companies are required to appoint internal auditors. Every listed company shall mandatorily appoint an internal auditor or a firm of internal auditors. An unlisted public company is required to appoint an auditor if, its paid-up share capital exceeds Rupees fifty crores, or turnover exceeds Rupees two hundred crores, or, its outstanding loans or borrowings from banks or financial institutions exceed Rupees one hundred crores, or, its outstanding deposits exceed Rupees twenty-five crores. Every private limited company having turnover of Rupees two hundred crores or more or outstanding loans or borrowings from banks or public financial institutions exceeding Rupees one hundred crores or more at any time during the preceding financial year shall appoint an internal auditor.