In 1978, following on the heels of Congres- sional action, the New York Stock Exchange (NYSE) required all listed firms to have an audit committee.
In 1985, the National Commis- sion on Fraudulent Financial Report- ing (the Treadway Commission) used to be installed to address fraudu- lent monetary reporting.
Every NYSE employer ought to confirm annually, in writing, its compliance with all NYSE list standards, one of which is the interior audit requirement.
(i) All public organizations having a paid-up capital of ten crore rupees or more. (ii) All public entities having a turnover of one hundred crore rupees or more. (iii) All public agencies having aggregate, exceptional loans or borrowings or debentures or deposits exceeding fifty crore rupees or extra
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