Which Audit Is Not A Statutory Requirement?

Who is liable for statutory audit?

All public and private limited companies have to undergo a statutory audit.

Irrespective of the nature of the business or turnover, these companies are mandated to get their annual accounts audited each financial year..

How do I start a statutory audit?

1) First you examine Documentary Evidences regarding appointment/reappointment of an Auditor. 2) Examine Last Year’s copy of Audited Balance sheet, profit & loss account , schedules, notes on accounts along with 3CA/3CB, 3CD & Audit Report. 3) Carefully Examine the internal control system of the company.

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.

Which audit is not a statutory requirement for any company?

The non-statutory audit is the audit of financial statements that are not required by law. It is different from the statutory audit that the entity needs to engage with an audit firm to perform its review in financial statements.

What is a non statutory document?

Non-statutory documents associated with the electrical industry. The term ‘non-statutory’ was originally associated with common law and/or based on customs, precedents or previous court decisions.

What is difference between statutory audit and tax audit?

Statutory Audit is applicable to all the Companies registered under Companies Act 2013 and erstwhile Companies Acts. Tax Audit is applicable on all Companies, LLP’s, Partnership Firms as well as Individuals or Professionals whose turnover or Gross Receipts crosses the threshold limit.

Who can become a statutory auditor?

Ans: To be eligible as a statutory auditor, the person must be a Chartered Accountant, i.e. a member of the ICAI. In case of a firm, the majority of its members must be chartered accountants in their own right. Then the firm can be eligible to be in charge of a statutory audit of a company.

What are the examples of non statutory record?

Non-statutory records are of private use to schools that find them useful. These include: cash book, stock book, punishment book, school calanedar, inventory book, staff minutes book, school magazine, inspection/supervision report file, confidential report forms and requisition book.

How do you pass an audit?

8 Tips to Help You Pass Compliance AuditsPerform a Self-Compliance Audit. … Identify Users Accessing Shared Credentials. … Ensure You Have a Compliance Audit Trail. … Monitor Activity of Privileged Users, Business Users & Vendors. … Stay Tuned to Security Events Within Your Industry. … Watch Out for New Regulations.More items…•

What is audit evidence and examples?

Auditing evidence is the information collected by an auditor to ascertain the accuracy and compliance of a company’s financial statements. … Examples of auditing evidence include bank accounts, management accounts, payrolls, bank statements, invoices, and receipts.

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 are the statutory requirements of audit?

A statutory audit is a legally required review of the accuracy of a company’s or government’s financial statements and records. An audit is an examination of records held by an organization, business, government entity, or individual, which involves the analysis of financial records or other areas.

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 the difference between statutory and non statutory?

There are two types of public services they are statutory and non-statutory services. The difference between a statutory and a non-statutory service is that a statutory service is paid by tax payers, funded by the government and is set up by the law.

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.