A non-statutory organization is a group or entity that is not established or regulated by legislation. These organizations operate independently and are usually formed by individuals with a common interest or goal. Non-statutory organizations do not have legal standing granted by a specific law.
The statutory requirements for shipboard organizations include a system of audits and checks. The purpose of this is to make sure that cleanliness and safety are priorities.
A statutory inducement refers to a provision in a law or statute that encourages certain behavior or actions. It is a legal incentive offered by the government to influence individuals or organizations to act in a desired way, such as offering tax breaks for investing in certain industries.
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
Organizations must comply with statutory requirements by law. Whereas regulatory requirements may or may not have been legally set forth. They are generally used to manage or control an activity.
Non-statutory organisations are service-providing bodies. They are not legal entities in their own right, but are accountable to, and/or funded by, a single organisation or a partnership between different organisations.
An exemption is something that is excluded. In taxes, there are various tax exemptions and types of income that are exempt from tax. There are also certain types of organizations that are exempt from tax.
Statutory Body
what is the difference between statutory audit and non statutory audit.
statutory expenses
What is statutory inducements
A statutory body deals with written law; non-statutory deals with implied law.