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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.
What are statutory expenses?
statutory expenses
What is statutory fund means?
what is statutory fund
When an statutory audit is compulsory?
A statutory audit is compulsory when a company meets specific criteria set by local laws or regulations, typically based on factors such as its size, revenue, or number of employees. In many jurisdictions, public companies are required to undergo annual statutory audits to ensure transparency and protect shareholders. Additionally, certain private companies may also be mandated to have audits if they exceed particular thresholds in terms of turnover or assets. The exact requirements can vary significantly by country.
Define statutory assets?
Statutory assets are liquid assets that firms must hold to remain solvent and have partial protection against substantial investment loss. They are state regulated and must be in cash or marketable investments.
Can an executor keep a death benefit by law without being named as a beneficiary?
The court appointed Executor of a will is entitled to payment or monetary compensation for taking on the task of performing the executor's duties. Generally, there is a statutory rate depending on where you are located. A death benefit that has no named beneficiary would be paid over to the estate. The Executor can pay herself the statutory rate out of the assets of the estate the same as payment of any debt, before any assets can be distributed to the heirs.Apart from statutory compensation that is reported to the court, the Executor is not permitted to simply take any assets and convert them to her own use.
What is statutory mortgage?
Many jurisdictions permit specific assets to be mortgaged without transferring title to the assets to the mortgagee. Principally, statutory mortgages relate to land, registered aircraft and registered ships. Generally speaking, the mortgagee will have the same rights as they would have had under a traditional true legal mortgage, but the manner of enforcement is usually regulated by the statute.
What is statutory liquid ratio?
SLR stands for Statutory Liquidity Ratio. Statutory Liquidity Ratio is the amount of liquid assets, such as cash, precious metals or other approved securities, that a financial institution must maintain as reserves other than the Cash with the Central Bank. The statutory liquidity ratio is a term most commonly used in India.
Why would your bankruptcy trustee object to your stopping your bankruptcy?
You might have had assets in excess of your statutory exemptions that the trustee is legally obligated to collect and pay your creditors.
What is the significance of SLR?
SLR stands for Statutory Liquidity Ratio. Statutory Liquidity Ratio is the amount of liquid assets, such as cash, precious metals or other approved securities, that a financial institution must maintain as reserves other than the Cash with the Central Bank. The statutory liquidity ratio is a term most commonly used in India.
What is the SLR rate by RBI?
SLR stands for Statutory Liquidity Ratio. Statutory Liquidity Ratio is the amount of liquid assets, such as cash, precious metals or other approved securities, that a financial institution must maintain as reserves other than the Cash with the Central Bank. The statutory liquidity ratio is a term most commonly used in India.
What do you mean by SLR in banking?
SLR stands for Statutory Liquidity Ratio. Statutory Liquidity Ratio is the amount of liquid assets, such as cash, precious metals or other approved securities, that a financial institution must maintain as reserves other than the Cash with the Central Bank. The statutory liquidity ratio is a term most commonly used in India.
What is the slr ratio for bank?
SLR stands for Statutory Liquidity Ratio. Statutory Liquidity Ratio is the amount of liquid assets, such as cash, precious metals or other approved securities, that a financial institution must maintain as reserves other than the Cash with the Central Bank. The statutory liquidity ratio is a term most commonly used in India.
What is SLR in banking term?
SLR stands for Statutory Liquidity Ratio. Statutory Liquidity Ratio is the amount of liquid assets, such as cash, precious metals or other approved securities, that a financial institution must maintain as reserves other than the Cash with the Central Bank. The statutory liquidity ratio is a term most commonly used in India.
What ia SLR in banking language?
SLR stands for Statutory Liquidity Ratio. Statutory Liquidity Ratio is the amount of liquid assets, such as cash, precious metals or other approved securities, that a financial institution must maintain as reserves other than the Cash with the Central Bank. The statutory liquidity ratio is a term most commonly used in India.
What is a statutory trust?
A statutory trust is a legal entity created under specific state statutes. It is commonly used in business transactions, particularly in the context of asset securitization or real estate investments. A statutory trust provides a framework through which assets can be held, managed, and distributed for the benefit of beneficiaries or investors.
