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Q: Statutory audit legal framework in Malaysia?
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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 is statutory and non statutory post?

legal and non legal


What is differences between internal and external statutory audit?

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 consideration 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.


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What is difference between legal and statutory reserves?

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 reserves 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'


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