Term "legal & regulatory"

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2013 what is the meaning of the term uses several times in audit "Legal & Regulatory Requirements"
legal is understood-able but what comes in "regulatory"
please answer.

Rashid Mehmood

Rashid Mehmood (Expert)
Follow

14 August 2013 dear there are tow things 1. is law and 2 Rules. every law is followed by the Rules e.g. in income tax there is a LAW that an assessee has to file income tax return but to file the income tax return there are some RULES i.e. tax return form, time table, circle and so on. similarly there is LAW for registration of company and there are some RULES providing guidelines to register the company these include application for name availability, registration of MOA and AOA, different forms and prescribed fee etc. so the requirements under LAW are categorized as LEGAL requirements and those requirements called by the RULES are called REGULATORY requirements and it includes further conditions called may be called by the Regulatory body which needs to be satisfied.

Hoping it will suffice your concers.