Internal and statutory audit

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Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2012 What is the difference between statutory and Internal Audit? I just want to know the basic to be kept in mind while doing these audit the exact difference and not the difference related to mandatory nature and appointment and all that...
Like in an interview it is asked how would you audit the Legal Fees in Statutory Audit and Internal Audit?I just want to know the answer of such question i.e. the basic difference in conducting these 2 audits......

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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04 September 2012 Internal Audit for Micro Case Also, Checking Whether There is Any Activity Against Company.
Statutory Audit to Check Whether It Against Legal Law That to Be Obliged.

Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2012 thanks but please clarify by giving specific example.....like how would legal fees would be audited in statutory and internal audit?

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CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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04 September 2012 Legal Fees:-

Check in Internal Audit That - Whether Legal Fees Paid Really Need to Pay, Paid For Whom, Issue. etc.

in Stat Audit:-
Just Check Supporting are Available or Not.

Like This You Can Say.

Though The Concept is One & The Similar.

Just Thinking Will Change.

Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2012 Thanks a lot.....plz tell me one more thing like if company is maintaining ledger of rent received but the property is not recorded in fixed assets then this point would be raised in Internal of Statutory Audit?

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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04 September 2012 In Both To Be raised.

Just Make Confirm, May be Asset is Not in Ownership, But Taken on Rent, and Ths Rent Rent Received is Part of Subletting.