Statutory audit and tax audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 January 2014 can anyone tell me what is the difference between statutory audit and tax audit? Is the both concept are one and the same??????

Ranjan Dayal

Ranjan Dayal (Expert)
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15 January 2014 Dear
Statutory Audit is a balance sheet Audit in which auditor has express his opinion that balance sheet is true & Fair in accordance to Accepted accounting principal and as per per scheduled VI of the companies Act.
However Tax Audit is requirement of Income Tax law u/s 44AB in which auditor has issue a certificate in form 3CB & 3CA with Statement 3CD