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What are the benefits of statutory audit?
Compliance with regs.
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
Can statutory audit be done after tax audit?
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.
What are the features of compliance management?
Compliance management system from company like ADP India provides the features such as Statutory Compliance Audit Factory compliance Services CLRA Management Trust Management
What is the difference between statutory and non statutory audits?
what is the difference between statutory audit and non statutory audit.
Audit program for creditors?
Step involved to determine the compliance to procedures and internal controls
What exactly is an internal audit?
An internal audit is an activity undertaken within a company or organization by an independent authority which looks objectively at the company operations. It reviews its practices and compliance features.
What is differences between internal and external statutory audit?
An Internal audit is performed by employees of your own company, usually by employees who are subject matter experts. Internal audit results are usually taken under consideration by management and improvements are made by the company in order to avoid an external audit finding which may result in the risk of citation or fine.An external statutory audit would be performed by and auditor who is employed by the government (local, state, or federal). The external auditors findings are legal and binding and may lead to citations or fines or both.
What r the requirements for statutory audit of insurance companies?
The requirements for a statutory audit of insurance companies typically include compliance with local regulatory frameworks, such as the Insurance Act and relevant accounting standards. Auditors must possess appropriate qualifications and experience in auditing financial statements of insurance entities. Additionally, insurance companies are required to maintain adequate internal controls and risk management practices, which the auditor must evaluate during the audit process. Finally, the audit must be conducted annually and the findings reported to regulatory authorities.
What is the turnover limit for statutory audit?
Statutory audit is mandatory by statue hence it does not have any turnover limit.
How do you do a statutory audit?
A statutory audit involves a systematic examination of an organization's financial statements and records to ensure compliance with legal requirements and accounting standards. The process typically includes planning the audit, assessing risks, gathering evidence through various procedures (such as inspections and confirmations), and evaluating the effectiveness of internal controls. After reviewing the findings, the auditor prepares a report summarizing their findings and expressing an opinion on the accuracy and fairness of the financial statements. Finally, the report is submitted to the relevant regulatory authorities and stakeholders.
