Compliance with regs.
what is the difference between statutory audit and non statutory audit.
A statutory audit is necessary by law for auditing all company’s financial health and records. In the UAE Audit firms in Dubai provide a statutory audit for all companies in UAE to check financial health by reviewing its accounts & accounting activities. Government organizations in the UAE must have their accounts reviewed by statutory auditors. A company’s shareholders can select any qualified statutory audit firm in UAE at the annual general meeting. For more info refer : What is Statutory Audit | How To Do Statutory Audit of A Company In Dubai
Statutory audit is mandatory by statue hence it does not have any turnover limit.
false
false
advantages and disadvantages of non statutory audit
not
gordo ;))
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.
advantages and disadvantages of non statutory audit
Bakwash
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.