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.

 

Posted Date: 3/30/2013 6:47:47 AM | Location : United States

Ask an Expert

Related Discussions:- Difference between internal audit and statutory audit, Assignment Help, Ask Question on Difference between internal audit and statutory audit, Get Answer, Expert's Help, Difference between internal audit and statutory audit Discussions

Write discussion on Difference between internal audit and statutory audit
Your posts are moderated

Write your message here..

Related Questions

Completeness of liabilities, Completeness of Liabilities In distortion... Completeness of Liabilities In distortion, the directors tend to involve non-existent assets or keep out liabilities. Hence whereas along with assets we are especially concern

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

Verification, discuss the verification procedure of current assets and long... discuss the verification procedure of current assets and long term liabilties

Issues for finance leases, Issues for Finance Leases For the leases su... Issues for Finance Leases For the leases such have been categorize as finance leases, a model uses to be checked for the following issues: (i) Check technique used to split

Business management, B. For the one activity/process you ranked the most si... B. For the one activity/process you ranked the most significant, identify and evaluate four risks. a. Two of the risk should be high to medium significance, and at least one shoul

Work related health problems, Work Related Health Problems The health ... Work Related Health Problems The health of a person working on a specific job in a particular environment may be affected by both. It is valuable to have a clear understanding

Cost and authorization - auditing process, Cost and Authorization - Auditin... Cost and Authorization - Auditing Process The cost of building and land acquired while the year should be vouched to suitable documentation.These are contract of sale, surveyo

Ias 27 - audit process, IAS 27 - Audit Process IAS 27 applies to the ... IAS 27 - Audit Process IAS 27 applies to the presentation and preparation of consolidated financial statements for a group of entities within the control of a parent. It as w

Procedures in evaluating the work of expert, Procedures in Evaluating the W... Procedures in Evaluating the Work of Expert The auditor must get reasonable assurance which the expert's work constitutes suitable audit evidence in based of the financial inf

Normal audit risk, Normal audit risk Indications that an audit is a normal... Normal audit risk Indications that an audit is a normal risk audit are: (1) The client having management and staff who are competent and have integrity; (2) Where the client h