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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.
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Why statutory audit is requirements?
gordo ;))
What is Final Audit?
Final audit is conducted by the statutory auditors after the close of the financial period with a view to prepare the financial statements & audit report to be presented to the Board of Directors and to be filed with statutory authorities.
What is the Difference between HR audit And Financial Audit?
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.
How can you motivate people to be tax conscious?
audit them.
Why do you want to join audit or tax or advisory?
You may face to face this question if you apply for an audit company:D
Is statutory audit is done for proprietorship?
not
What is the difference between tax audit and statutory audit?
Audit under any statute in a Country(State) is called statutory audit & Audit under any taxation law is called tax audit. For example books of accounts are audited under the Companies Act, 1956 (Statutory Audit) and Financial Statements of companies are prepared as per the provisions of this Act. Books are also audited under the Income Tax Act, 1961 and the income arrived at as per the provisions of this Act is taxed (Tax Audit).
Is tax audit a statutory audit?
no because tax audit is perform to fair tax calculation and payment purpose.and statutary audit is perform as per company act.it is mandatory but above the prescribe limit satish pathak
What is the difference between statutory and non statutory audits?
what is the difference between statutory audit and non statutory audit.
Tax Audit Services?
There are many laws drafted in India that govern different kinds of audits like an income tax audit, cost audit, stock audit, company, or statutory audit as per the Companies Act, 2013. Income tax audit evaluates whether an individual or company has filed tax returns of the assessment year appropriately. Section 44AB of the Income Tax Act of 1961 lays down the provisions for an income tax 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 the difference between statutory audit and non -statutory audit?
Statutory audits are reviews of a business or governments financial records as required by law. Non-statutory are audits not required by legal statute but needed because of some other reason. A non-statutory might be needed if some issue is brought to light such as an irregularity in the way business is being done or perhaps in the case where some type of intentional actions such as an incompetent accountant or even embezzlement was discovered, to find out the extent of the issue.
Meaning of private audit?
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 is the turnover limit for statutory audit?
Statutory audit is mandatory by statue hence it does not have any turnover limit.
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 advantages of statutory auditing?
advantages and disadvantages of non statutory audit
