Difference between internal audit and statutory audit, Auditing

Assignment Help:

An internal audit is one which is conduct by the internal auditors of the company. It is not mandatory for the company and the company just conducts it to keep a check on the operations of the company. On the other hand statutory audit is very vital because it is by the external auditors and it is mandatory for all kinds of companies. Statutory audit is usually conducted for several purposes like tax regulatory needs it for taxation purposes.

 


Related Discussions:- Difference between internal audit and statutory audit

Tds, how to operate distribute amount and section rate also provision party...

how to operate distribute amount and section rate also provision party bill

Inflation impact analysis, Please present an analysis of the attached case....

Please present an analysis of the attached case. Your analysis should be in the form of a memo not to exceed four pages plus appropriate exhibits. The memo should present your

Current audit file, Current Audit File The current audit file may invo...

Current Audit File The current audit file may involve inter alia: a) A copy of the audited financial statements and other report prepared such as a conclusion of audit work

Auditor''s duties - audit of current assets, Auditor's Duties - Audit of Cu...

Auditor's Duties - Audit of Current Assets The auditor's duties can be summarized as follows: a) The accounting ascertaining policies adopted through the entity for pri

Prepare a memo to the audit work of a firm, Case Study: Hide-It (HI), a...

Case Study: Hide-It (HI), a family-owned business based in Tombstone, Arizona builds custom homes with special features, such as hidden rooms and hidden wall safes. Hide-It has

Existence - plant and machinery, Existence - Plant and Machinery Howev...

Existence - Plant and Machinery However this should generally be checked through physical inspection, so a problem arises.  Items of machinery and plant can be numerous mobile

Statutory audit of bank, what are the things we need to check in statutory ...

what are the things we need to check in statutory audit of bank?

Types of audits, Types of audits As far we have tended to think in sta...

Types of audits As far we have tended to think in state of the audit of limited companies, and certainly, the emphasis during this text will be on that companies incorporated

Inclusion in a report of investigation, Question : (a) Describe the fol...

Question : (a) Describe the following terms: 1) Forensic Accounting; 2) Forensic Investigation; 3) Forensic Auditing. (b) Explain the basic elements to consider for

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd