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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Operational Audits: It is a review of how an organization's management and its operating events are functioning with respect to their efficacy and efficiency in meeting stated objectives. For illustration, a business might execute an operational audit
A subgroup of the board of directors composed of directors who are independent of an organization and not employed by organization. The committee acts on behalf of the full board and all stockholders to check on management actions and it has responsibility for the soundness of the
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