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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
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What is the meaning of recurring audit?
Aduting after regular intervals
What is the meaning of audit pencil?
A double sided pencil with black and red color, preferred by auditors.
Difference between audit plan and audit program?
an audit program may contain several audit plans
What are the advantages in having an audit committee?
the audit committee communicate with internal audit, external audit and CFO on behalf of the company.
Difference between cost audit and financial audit?
Cost audit is done to audit the cost elements of unit costs while in financial audit, audit of financial statements is done to find out information provided is true and fair or not.
What is the main difference between public sector audit and private sector audit?
public sector audit is different from private sector audit
What is the main difference between Public Sector Auditing and Private Sector Auditing?
public sector audit is different from private sector audit
How do you say audit in latin?
The meaning of "audit" is "hears."
What is a suffix meaning hearing?
The suffix meaning "hearing" is -acusis.
What is the meaning of 'Audit Management'?
The definition of "Audit Management" is to be responsible for ensuring that board-approved audit directives are implemented by the right people and in the correct way.
What is the meaning of recurring audit?
Aduting after regular intervals
Does every private limited company has statutory audit?
Yes. Sec 224 applies to ever company, whetehr private ot public.
What is the meaning of audit pencil?
A double sided pencil with black and red color, preferred by auditors.
Are UK companies required to have an internal audit function in the Isle of man?
In the Isle of Man, UK companies are not universally required to have an internal audit function. The necessity for an internal audit depends on the company's size, nature, and regulatory requirements. Public companies and certain regulated entities may have specific obligations, while private companies often do not require a formal internal audit. However, implementing an internal audit can enhance governance and risk management practices.
What is the meaning of private armistice?
it is an amies like a private detective...
What has the author Brenda Porter written?
Brenda Porter has written: 'Audit committees in private and public sector corporates in New Zealand'
What is the meaning of financial statement level risk?
Financial statement level risks are risks of materials misstatement of the financial statements. These are the same for both audit of financial statements and audit of internal control.
