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What is the Format for statutory compliance in internal audit?
Wiki User
∙ 10y ago
Because it saves the time of auditor since he needs not to present at the work place to auditing.
Wiki User
∙ 10y ago
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What are the benefits of statutory audit?
Compliance with regs.
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 features of compliance management?
Compliance management system from company like ADP India provides the features such as Statutory Compliance Audit Factory compliance Services CLRA Management Trust Management
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.
Audit program for creditors?
Step involved to determine the compliance to procedures and internal controls
What exactly is an internal audit?
An internal audit is an activity undertaken within a company or organization by an independent authority which looks objectively at the company operations. It reviews its practices and compliance features.
What is the difference between statutory and non statutory audits?
what is the difference between statutory audit and non statutory audit.
What is the process of preparing an audit?
The process of preparation for audit depends on the kind of audit to be performed, it's objective and scope. The scope of the audit is key to the planning process. The planning required or statutory audit is different from internal audit; it also differs from forensic audit?
What is statutory audit What is the exact meaning of 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
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.
What is the turnover limit for statutory audit?
Statutory audit is mandatory by statue hence it does not have any turnover limit.
