The Insolvency and Bankruptcy Code, 2016
Chapter-VIII Conduct of Corporate Insolvency Resolution Process
Regulation 30B: Audit of corporate debtor.
1[30B. (1) Any member(s) of the committee may propose an audit of the corporate debtor along with the objectives, scope, estimate of the costs, timeframe and name(s) of the proposed auditor(s).
(2) A proposal made under sub-regulation (1) shall be considered as per sub-regulation (3) of regulation 18 and an audit shall be conducted if such proposal is approved by the committee.
(3) The audit shall be conducted by an insolvency professional having qualifications required for such audit.
(4) The auditor shall prepare a report detailing his findings and the same shall be presented before the committee along with the comments of the interim resolution professional or the resolution professional, as the case may be.
(5) The expenses of such audit shall be treated as insolvency resolution process costs.]