Quick Answer: What Are The Examples Of Non Statutory Record?

Is statutory audit compulsory?

Statutory Audit as the name suggests is a compulsory audit for all companies.

Every entity which is registered under the Companies Act, as a Private Limited or a Public Limited company has to get its books of accounts audited every year.

This type of audit is not conditional, it depends upon the entity type..

What is statutory meeting?

(1) Every public company that is a limited company and has a share capital shall, within a period of not less than one month and not more than three months after the date at which it is entitled to commence business, hold a general meeting of the members of the company to be called the “statutory meeting”.

What is a non statutory audit?

Non-statutory audit is a type of audit which is not legally required. While statutory audits are primarily concerned with financial activities, non-statutory audits are not limited to financial reporting. A non-statutory audit can be conducted for any function of an organization.

What is difference between statutory and non statutory body?

Executive Bodies These bodies are non-constitutional and non-statutory. They are not mentioned in the Constitution. … They are formed by executive resolution or action, which means that they are formed by the government’s action only. They can be converted into a statutory body by enacting a law.

Which of the following is a non statutory body?

Definition of Non-Constitutional Bodies: Non Constitutional or Extra Constitutional bodies are the same. These bodies aren’t defined in the Constitution of the country….Hemant Singh.Name of the Non- Constitutional BodyCurrent Chairman4. State Human Right CommissionDifferent in each state8 more rows•Jun 19, 2020

What are statutory reports?

Statutory reporting is the mandatory submission of financial and non-financial information to a government agency. Each industry has its own set of laws and regulations (statues) that mandate reports.

What is statutory report give its contents?

Contents of a Statutory Report The statutory report contains information relating to: 1. Shares allotted: The total number of shares allotted distinguishing those allotted as fully paid up, partly paid up, shares issued for consideration other than cash etc. 2.

What are statutory school records?

Statutory school records are those records that are mandatory or compulsory under the law to be kept by each school as such they are expected to be kept by all schools. … Such records if kept in schools usually help the principal and his management in the day-to-day administration of the school’s affairs.

What are the 3 types of audits?

What Is an Audit?There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits.External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor’s opinion which is included in the audit report.More items…•

What is non statutory benefit?

The most common Non-Statutory Employee Benefits include: 1. Health Insurance: provides reimbursement to employees for medical expenses incurred by them or their family members. … Group Long Term Disability Insurance provides reimbursement to an employee who becomes disabled.

What’s the meaning of statutory?

1 : of or relating to statutes. 2 : enacted, created, or regulated by statute a statutory age limit.

What is the difference between statutory audit and external audit?

Statutory audit is an external audit that is conducted by an audit firm or individual external to the organisation. … One of the key differences is that statutory auditors report to the shareholders of the company, whereas internal auditors report to management of the Company.

How is a statutory body formed?

Statutory bodies are established by acts which Parliament and State Legislatures can pass. These bodies are entities shaped by an Act of Parliament or state legislatures and set up by the government to consider the data and make judgments in some area of activity.

What is non statutory?

Non-statutory is essentially another term for common law. Therefore such bodies are formed by executive resolution or action, which means that they are formed only by the Government’s action.

What are non statutory records?

Non-statutory records are school records kept for the purpose of administrative Page 28 28 convinces such records include stock book, cash and account books, school calendar, health book, inventory book and staff minutes book (Godwin, 2004).

What is the difference between statutory and GAAP accounting?

Statutory Accounting Principles, also known as SAP, are used to prepare the financial statements of insurance companies. … On the other hand, Generally Accepted Accounting Principles or GAAP provides a common set of accounting standards, procedures and rules that are defined by the professional accountancy body.

What are the objects of statutory meeting?

The main objective of the statutory meeting is to make the members familiar with the matters regarding the promotion and formation of the company. The shareholders receive particulars related to shares taken up, moneys received, contracts entered into, preliminary expenses incurred, etc.