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What is internal and statutory Audit and what are the roles
of auditor.
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Answer / peter
Internal auditors are paid by company, to say, they are the
employees of the company. they prepare trading and profit
and loss account and the final balance sheet.
Statutory audit means, the external auditor, who varifies
the books of accounts, which were prepared by internal
auditors and gives his opinion in the audit report, which
is evidence in the court of law.
| Is This Answer Correct ? | 15 Yes | 7 No |
internal auditor r those who verify those matters as per
requirement of client.he checks 100%.he reports to the
management.
external auditor r those who verify those matters which r
reqd to report on true & fair view of financial
statements.he may do sample checking. he reports to the
owners of org.
| Is This Answer Correct ? | 9 Yes | 2 No |
Answer / vasanthakumar b.t.
Internal Auditors are stay in company they are checking
postings ,bills,Vouching every thing pin to pin.
Statutory Auditors are looking briefly and they are
vouching briefly,whether tds deductions,advance tax
paymets,and prepared balance sheet.
| Is This Answer Correct ? | 14 Yes | 11 No |
Answer / m.parushu ramulu
internal auditor is the person to check the all accounts
which was prepared by accountants in the company and he
scrutinizing all the reports. internal auditor is very
important to the company to find out fraud and mistakes
which was done by the accountants and other clerks.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / rahul khandelwal
internal audit is concluded by the company in order to see
the efficiency of work perform within in the co. .in this
the auditor report to the directors/manaement
while statutory audit is perform as it is an obligation to
do so with refer to company's act,1956.the objective is to
verfy the financial statement an to express opinion for the
stakeholder/external user
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / puneet goyal
Internal auditor checks the internal control of the company
and improve the weaknesses in the internal control whereas
statutory auditor gives its opinion on true and fair view of
financial statements of the company.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / r.acharya
internal auditor(internal)role is very important in all
function,like keep all data of the company.
statutor auditor(external)there is no necessary of keep all
data of the company.
| Is This Answer Correct ? | 0 Yes | 2 No |
secretarial audit
Explain about cross functional audits?
0 Answers Ernst Young, Thomson Reuters,
State with reason which account should be debited and which account should be credited in each of the following transactions: 1. Raj commenced business with cash Rs. 5000 2. Bought goods from Kiran for cash Rs. 1000 3. Sold furniture to Ravi on credit Rs. 500 4. Sold goods for cash Rs. 800 5. cash purchases Rs. 600 6. Bought Stamps Rs. 10 7. Withdrew cash from the business for personal use Rs. 1000 8. Paid salary to manager Rs. 500 9. Paid rent to landlord Rs. 200 10. Received commission from Mani Rs. 50 11. Paid for repairing machinery Rs. 30 12. Received cash form Ravi on account Rs. 400 13. Gave loan to Babu Rs. 500 14. Purchased goods from Sachin Rs. 400 15. Opened a bank account with Rs. 1000 16. Charged Mohan Rs. 50 commission for service rendered to him 17. Santosh paid the interest on loan advanced to him 18. Received loan from Manju Rs.10000 19. Office furniture stolen Rs. 500 20. Paid income tax Rs. 5000 21. Paid life insurance premium Rs. 300 22. Allowed discount to Babu Rs. 90 23. Discount received from Santosh Rs. 150 24. Amount charged by bank as bank charges Rs. 30 25. Railway fright paid on machinery purchased Rs. 100
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