If any, what are the penalties under the new Companies Act, 2013 for internal auditors?

Further it is to be noticed that Clause 144 of the act specifically prohibits Statutory Auditor to render Internal Audit Services himself or through his associates. Penalty for the same is given under Clause 147 (2) and 147 (3). Amount of penalty would be a min. of 25,000 which might go upto 5 lacs. And if such act of Auditor is wilful and to deceive the law, then imprisonment upto 1yr and penalty upto 10lac is attracted.

Dear Friend, The clause r/w Company Audit and Accounts Rules says that the scope of internal audit is to be concluded in discussion with Audit Committee (Board if Audit Committee isn't applicable to the Co.). And no penal provision exists under this clause as there is no specifically assigned duties as such. So, Internal Auditor can't be penalized for any act under this clause. Further it is to be noticed that Clause 144 of the act specifically prohibits Statutory Auditor to render Internal Audit Services himself or through his associates. Penalty for the same is given under Clause 147 (2) and 147 (3). Amount of penalty would be a min. of 25,000 which might go upto 5 lacs. And if such act of Auditor is wilful and to deceive the law, then imprisonment upto 1yr and penalty upto 10lac is attracted.