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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
What else can I help you with?
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 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 are the advantages in having an audit committee?
the audit committee communicate with internal audit, external audit and CFO on behalf of the company.
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 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 the meaning of audit pencil?
A double sided pencil with black and red color, preferred by auditors.
What is the meaning of private armistice?
it is an amies like a private detective...
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 has the author Brenda Porter written?
Brenda Porter has written: 'Audit committees in private and public sector corporates in New Zealand'
