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......
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?
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?