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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 is the turnover limit for statutory audit?
Statutory audit is mandatory by statue hence it does not have any turnover limit.
When there is a statutory audit introduction of internal audit is not necessary at all?
false
When there is a Statutory Audit introduction of Internal Audit is not necessary at all.?
false
What are the advantages of statutory auditing?
advantages and disadvantages of non statutory audit
Is statutory audit is done for proprietorship?
not
Why statutory audit is requirements?
gordo ;))
What is the difference between statutory audit and non -statutory audit?
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.
What are the advantages of non statutory audits?
advantages and disadvantages of non statutory audit
What is Final Audit?
Final audit is conducted by the statutory auditors after the close of the financial period with a view to prepare the financial statements & audit report to be presented to the Board of Directors and to be filed with statutory authorities.
What are the benefits of statutory audit?
Compliance with regs.
Can statutory audit be done after tax audit?
Statutory Audits are those mandated by a statute. So by that definition even tax audit is a statutory audit.The management of the organization makes the appointment of an internal auditor. The statutory auditor is appointed by different authorities. First statutory auditors are appointed by the shareholders in the annual general meeting. The main object of the statutory audit is to form an opinion on the financial statement of the organization auditor has to state that whether the financial statements are showing the true and fair view of the affairs of the organization or not. The main object of the internal audit is to detect and prevent the errors and frauds.The scope of the statutory audit is fixed by the company act. it can not be changed by mutual consent between the auditor and the management of the audited business unit. The scope of the internal audit is fixed by the mutual consent of the auditor and the management of the unit under audit.
