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What is the difference between a Act and Statutory instrument?
An Act of Parliament is substantive legislation whereas a Statutory Instrument is subsidiary or delegated legislation.
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A statutory merger occurs when Company A acquires Company B and dissolves Company B. A statutory consolidation occurs when Companies A and B create Company C and dissolve comp…anies A and B.
An Internal audit is performed by employees of your own company, usually by employees who are subject matter experts. Internal audit results are usually taken under considerat…ion by management and improvements are made by the company in order to avoid an external audit finding which may result in the risk of citation or fine. An external statutory audit would be performed by and auditor who is employed by the government (local, state, or federal). The external auditors findings are legal and binding and may lead to citations or fines or both.
Common Law Offenses are offenses are those acts which violate decisions made by Judges, through courts and similar venues, or decisions made in case law. Statutory offenses …are acts which violate laws or decisions made into laws passed by Legislative or Executive branches of the government.
Statutory refers to laws passed by the state of federal government. Regulatory means a rule issued by some agency that the government has given authority to regulate an indust…ry.
Fundamental law is the law determining the constitution of the government of a state, while statutory law is the body of laws created by legislative statutes.
Organizations must comply with statutory requirements by law. Whereas regulatory requirements may or may not have been legally set forth. They are generally used to manage… or control an activity.
Statutory laws are created by governmental bodies and are enforced by government. They are written and have a formal process for change. Ethical and moral laws are not creat…ed by government; they are created by social institutions. They are not enforced by law, if at all. They are not always clear and are not always agreed upon. They can be changed by prevailing sentiment among religious and social leaders including media. There can be some overlap as many statutory laws seek in some way to preserve or extend moral and ethical laws. Many of these laws have been removed or struck down by courts in recent years. For example, in one town the first criminal case was a man fined $50 for having sex with a woman (both were unmarried). The law was a commonplace feature of statutory laws in most states and cities, but such laws have nearly all disappeared today. Sometimes statutory laws are seen to conflict with ethical and moral laws, at least in the view of some people. A law in Massachusetts made it illegal to fire a gun at someone in your home even if your life was in danger, if there was any possibility of running away. A widow with small children was sentenced to a year in jail for shooting a burglar (who had a knife) in her own home. The law seems to conflict with the moral and ethical need to defend one's children and home. (The law was later repealed).
Statutory valuation = this is a product of an act of law, I.e when a statute is specify the method that should be adopted in determining the value required for instance the la…nd use decree in section 29 specify the method to be adopted in carrying out valuation for compensation so also in carrying out valuation for taxation. The various statutes concern, specify or indicate the method to be used. While non-statutory or natural valuation = are those arriving from a natural event. Which ever case, the valuer is also concern with the market value of the property. These includes valuation for sales, purchase, rentals mortgage etc.
The difference between statutory and non statutory rights is that one is supplied by the government and the other one isn't. Statutory rights are bestowed by particular govern…ment to governed people and are relative to specific cultures and governments
A statutory audit is mandated by law and must follow all the prevailing accounting standards. The results are filed with the authorities, and may or may not be available to th…e public, depending on whether it's a listed or private company. A private audit is one commissioned for a specific purpose and the results are known only to those who commissioned it. It may or may not need to produce the full financial statements, depending on its purpose. It may be just an audit of inventories, or accounts receivable, or of revenues, etc.
A "statute" refers to a codified law. A "statutory instrument" is a document that derives its power or authority from a statute.
statutory book Requires under the Companies Act 1956, the company must keep and maintain the statutory books of the registered company. which it includes any register or othe…r record of information and any accounts or accounting records, and any document however complied, recorded or stored. The director and secretaries are responsible in ensuring that requirements of the Act in relation to the statutory books are complied with and take all proper steps to prevent falsification of the books. The company must provide facilities for inspection of the register. The statutory books of the company are: · The Register of Members (Section 158) · The Register of Director, Managers and Secretaries (Section 141) · The Register of Debenture Holders (Section 70) · The Register of Substantial Shareholders (Section 69L) - for public companies only · The Register if Directors' Shareholding, Debenture and Interests (Section 134) · The Register of Charges (Section 156) · Minutes books (Section 56) · Books of accounts (Section 167) non-statutory book non-statutory books which books are usually maintained by companies like: · Register of Transfers · Register of Allotment and Application of Shares · Register of Documents Sealed/ Seal Book · Register of Important Documents (Licenses, certificate, leases etc.)
what is the difference between statutory audit and non statutory audit.
Statutory is govern by government legislation while independent are mainly charity organisations
A statutory body deals with written law; non-statutory deals with implied law.
Statutory means by statute. A statute is a law which is written down. Mandatory means you must. A statute make make certain behaviours mandatory, such as stopping f…or red lights. A court may also make mandatory orders on its own initiative, such as ordering you to complete your end of a contract. Bear in mind this advice applies to common law countries only. The words may have different meanings in other jurisdictions.
Answer: legal and statutory reserves There is no difference. Both legal and statutory reserves are reserves that must be maintained by law. The previous answer ("Legal res…erves are stipulated by law, while statutory reserves are determined in the Articles of Association (the Statute of a company)") is incorrect: the primary meaning of 'statutes' is 'enacted laws'