Distinguish between the following: 'Internal Audit' and 'Secretarial Audit'.

Internal Audit Secretarial Audit Governed by the provisions of section 138 Governed by the provisions of section 204 Applicable on every Private Company having: turnover of ₹200 crore rupees or more during the preceding financial year; or outstanding loans or borrowings from banks or PFIs exceeding ₹100 crore or more at any point of time during the preceding financial year. Not Applicable on Private Companies. The auditor may be a Chartered Accountant or a Cost Accountant, or a Company Secretary or a firm thereof or any employee of the company, as may be decided by the Board to conduct internal audit of the functions and activities of the company. The audit is conducted by a Company Secretary in Practice. The audit committee or Board shall in consultation with the internal auditor formulate the scope, functioning, periodicity and methodology for conduct of internal audit. If there is qualification or adverse remark in the audit report, the Board of directors have to comment on the same in their report to members. The format of the Secretarial Audit Report shall be in Form No. MR.3. Every listed company and a company belonging to other class of companies shall annex with its Board's report made in terms of sub-section (3) of section 134, a secretarial audit report, given by a Company Secretary in practice.