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What is the difference between statutory audit and non -statutory audit?
Wiki User
∙ 12y ago
Statutory audits are reviews of a business or governments financial records as required by law. Non-statutory are audits not required by legal statute but needed because of some other reason. A non-statutory might be needed if some issue is brought to light such as an irregularity in the way business is being done or perhaps in the case where some type of intentional actions such as an incompetent accountant or even embezzlement was discovered, to find out the extent of the issue.
Wiki User
∙ 7y ago
Wiki User
∙ 9y agoStatutary audit is the audit which must be conducted at least once in a fiscal year after the completion of activities of fiscal year.
Any other audit then statutary audit conducted during the fiscal year or after fiscal year in addition to statutary audit is non-statutary audit.
Wiki User
∙ 12y agowhat is the difference between statutory audit and non statutory audit.
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What is the difference between statutory and non statutory audits?
what is the difference between statutory audit and non statutory audit.
What are the advantages of non statutory audits?
advantages and disadvantages of non statutory audit
What are the advantages of statutory auditing?
advantages and disadvantages of non statutory audit
What the difference between statutory and non statutory bodies?
A statutory body deals with written law; non-statutory deals with implied law.
What is the difference between statutory and non-statutory diseases?
one is and one isnt
What is a non-statutory body?
the difference between edit categories
What is a non statutory body?
the difference between edit categories
What are and what is the difference between statutory and non statutory rights?
Statutory rights are rights that are established by laws or statutes, such as labor laws or consumer protection laws. Non-statutory rights are rights that are not specifically defined by law but may arise from common law principles or agreements between parties. The main difference is that statutory rights are clearly defined by written laws, whereas non-statutory rights rely on other sources for recognition and enforcement.
What is statutory and non statutory post?
legal and non legal
Is SEBI a statutory body or non statutory body?
Statutory Body
What is the purposes of statutory audit?
Statutory Audit is an checking of accounts required by law. A municipality may be required by its own law to have an annual audit of financial records or a company which is governed by any Law, the Law may require the audit to be conducted and the manner in which audit should be conducted and to whom the report of auditors should be presented. like in case of companies the Companies Act requires audit of accounts, its reporting and manner of audit report. One conducted to meet the particular requirements of a governmental agency. Where such audits take place, the scope and audit programs are set by the governmental body. Banks, insurance companies, and brokerage firms have statutory audits. Since the auditor's report must conform to standards required by the governing agency, the statements and other financial data generated from these audits may not conform to Gaap. Statutory auditors are elected by shareholders and hold a position in the hierarchy alongside the board of directors A company must have at least one statutory auditor,
What is the difference between a proposition and a non proposition?
difference between a proposition and non proposition
