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

Buyers - disclosure and presentation, Buyers - Disclosure and Presentation ...

Buyers - Disclosure and Presentation This case (case of Aluminium Industries vaassen B V v. Romalpa Aluminium Ltd) are simply relevant whether creditors involve a material amo

Control problems in charities, Control Problems in Charities 1....

Control Problems in Charities 1. Door to door collections : Volunteers should be mattered along with numbered boxes, the boxes should be sealed, and the boxes should be

Counter - indications, Counter - Indications That the auditor has foun...

Counter - Indications That the auditor has found indications of going related to non-applicability does not of itself justify instantly conclusion that the entity is not a goi

Determine the audit methodologies to conduct an audit, You are the external...

You are the external auditor of Apex tour Ltd, a company which promotes New Zealand tours to Australia and owns chain duty free shops. You have been auditing the company since it w

Cloud 9 pty ltd case study, Using the 30 September 2011 trial balance (appe...

Using the 30 September 2011 trial balance (appendix to this case study) calculate planning materiality and include the justification for the basis that you have used for your calcu

Audit sampling, write short note on the following; audit sampling populati...

write short note on the following; audit sampling population sample size sample unit stratification extrapulation

Information in the fixed assets register, Information in the Fixed Assets R...

Information in the Fixed Assets Register The register can obtain the following information: i. Fixed asset number. ii. The cost and the date of purchase. iii. Descrip

Providers of funds, Providers of Funds A further point to note is that ...

Providers of Funds A further point to note is that modern companies can be very large with multinational activities. Preparing accounts for such a group becomes a very complex

The existence of the auditing profession, Auditing appears to be a worse of...

Auditing appears to be a worse of time considering financial fraud cases in Zimbabwe and world over. Justify the existence of the audit profession and what to be done to improve it

Final review of the financial statements, Final Review of the Financial Sta...

Final Review of the Financial Statements The work we have considered so far has shown which the auditor first gathers facts that the enterprise and the environment it operates

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