Applicability of internal audit is as follows:
Listed company: Always applicable
Unlisted public company: Where any of the below conditions is satisfied:
Paid up share capital >= INR 500 million during the preceding financial year
Turnover (income) >= INR 2 billion during the preceding financial year
Outstanding loans or borrowings from banks or public financial institutions exceeding INR 1 billion or more at any point of time during the preceding financial year
Outstanding deposits >= INR 250 million at any point of time during the preceding financial year
Private company: Where any of the below conditions is satisfied:
Turnover >= INR 2 billion during the preceding financial year
Outstanding loans or borrowings from banks or public financial institutions exceeding INR 1 billion or more at any point of time during the preceding financial year