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Diffrence between Statutory Audit & Internal Audit
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Answer / aftab
Staturoty Audit conduct ones in a year by a govt appointed
chartered accountans, and internal Audit can be do monthly
and yearly by company/firm/individual/trust/ appointed
Auditors.
| Is This Answer Correct ? | 12 Yes | 2 No |
Answer / h.r. sreepada bhagi
Statutory Audit is conducted by the Chartered Accountants
(In India) and is required under the Companies Act and
Income Tax Act. Audited Accounts will be filed with the
concerned Government departments and Public Limited
companies' Accounts are published. It's macro in nature.
Annual Financial report comprising of Profit & Loss Account
and balance Sheet with Schedules and Notes and Abstract will
be signed by the Statutory auditors besides the Board of
Director/s and the Company Secretary as required under the
Indian Companies Act.
Where as Internal audit is micro in nature and is conducted
at the behest of the management to have check and control on
the internal systems and to get advise on improvement in the
over all operating system of the organization. Internal
Audit can be conducted by external Chartered Accountants or
internal audit team in a company and reports to the
Company's management directly.
| Is This Answer Correct ? | 7 Yes | 2 No |
Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
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