0
An employee should be flexible according to the need of his organization.He must work in favour of his organization.I mean,he should be a good communicator of a compony/organazitation,good benificiary of his organization,good decision maker of organization. And here main thing is that,he shoule have stress smatness,quick decesion,good behave with staffs & customer & how to use theevery things. that't all.
What else can I help you with?
What is the turnover limit for statutory audit?
In India, the turnover limit for statutory audit depends on the type of business. For companies, a statutory audit is mandatory every year, no matter how small or big the turnover is. For partnership firms or proprietorships, a statutory audit is required if turnover exceeds ₹1 crore in a financial year (₹10 crore if cash transactions are very low, as per Income Tax rules). For example, if a partnership firm has sales of ₹1.2 crore in a year, it must get a statutory audit done by a Chartered Accountant. If you want to understand statutory audit rules and procedures in a very simple, practical way, many students find Master Blaster of Statutory Audit by CA Tushar Makkar quite helpful.
What is the difference between tax audit and statutory audit?
Audit under any statute in a Country(State) is called statutory audit & Audit under any taxation law is called tax audit. For example books of accounts are audited under the Companies Act, 1956 (Statutory Audit) and Financial Statements of companies are prepared as per the provisions of this Act. Books are also audited under the Income Tax Act, 1961 and the income arrived at as per the provisions of this Act is taxed (Tax Audit).
What is the difference between statutory and non statutory audits?
what is the difference between statutory audit and non statutory audit.
When does statutory audit become compulsory?
A statutory audit becomes compulsory when a company meets certain criteria set by the relevant regulatory authority, typically based on its size, turnover, or the nature of its business. In many jurisdictions, companies that exceed specific revenue thresholds, total assets, or number of employees must undergo a statutory audit. This requirement is intended to ensure transparency and accountability in financial reporting. Additionally, certain types of entities, such as publicly traded companies, are usually mandated to have a statutory audit regardless of their size.
Meaning of private audit?
when the audit is not a statutory requirement , but is conducted at the desire of owners , such an audit is private audit . the audit is conducted primarily forr their own interest. At times the private audit may become a requirement under tax laws , if the turnover exceeds a specified limit. private audit is of the following types : 1 audit of sole proprietorship 2 ,, ,, partnership firms 3 ,, ,, individuals accounts 4 ,, ,, institutions not covered by statutory audit
What r the requirements for statutory audit of insurance companies?
The requirements for a statutory audit of insurance companies typically include compliance with local regulatory frameworks, such as the Insurance Act and relevant accounting standards. Auditors must possess appropriate qualifications and experience in auditing financial statements of insurance entities. Additionally, insurance companies are required to maintain adequate internal controls and risk management practices, which the auditor must evaluate during the audit process. Finally, the audit must be conducted annually and the findings reported to regulatory authorities.
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
What are the situations statutory audit is required?
A statutory audit is required in several situations, including for public companies that must comply with regulatory requirements to ensure transparency and protect investors. It is also mandated for certain private companies that exceed specific thresholds in revenue, assets, or number of employees, as determined by local laws. Additionally, non-profit organizations and government entities may be subject to statutory audits to ensure proper use of funds and compliance with regulations. Overall, the requirement for a statutory audit often depends on jurisdiction and the organization's size and structure.
Why statutory audit is requirements?
gordo ;))
Is statutory audit is done for proprietorship?
not
