Difference between statutory audit and internal audit
Elucidate the difference between statutory audit and internal audit?
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An internal audit is one that is conducted by the internal auditors of company. It is not compulsory for the company and the company just conducts it to keep a check on the operations of company. On the other hand statutory audit is extremely significant since it is by the external auditors and it is compulsory for all types of companies. Statutory audit is generally conducted for different reasons like tax regulatory needs it for taxation purposes.
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Auditing: Auditing is the systematic procedure of objectively obtaining and estimating evidence regarding assertions concerning economic actions and actions to ascertain the degree of correspondence among those assertions and established criteria and
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A term usually referring to a financial audit is a set of procedures performed by accountants from a certified public accountant (CPA) firm. The procedures are designed to investigate and verify the accounting information that manage- ment puts in financial report. When the audit i
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