27 September 2014
actually statutory audit means an audit conducted under provisions of a statute. So even tax audit is also a statutory audit.
who can conduct the audit will be decided by the statute itself. For eg, companies audit can only be done those qualified under section 141 of the Companies act 2013.
27 September 2014
However sir the response that I got from one of the person is that Statutory audit is different from Tax audit.
It goes like,Statutory audit is being conducted under the cos act and Tax Audit as per the IT Act. Statutory audit is compulsory for all the cos and Tax audit is applicable as per the prov. of sec. 44AB.
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