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 |
What is standing order
2. A budgeted profit statement of a company working at 75% capacity is provided to you 2 below, Sales 9,000 units at Rs. 32 Rs. 2,88,000 Less: Direct materials Rs. 54,000 Direct wages 72,000 Production overhead: fixed 42,000 variable 18,000 1,86,000 Gross profit 1,02,000 Less: Administration, selling and distribution costs: fixed 36,000 varying with sales volume 27,000 63,000 Net profit 39,000 You are required to: (a) Calculate the breakeven point in units and in value. (b) It has been estimated that: (i) if the selling price per unit were reduced to Rs. 28, the increased demand would utilise 90% of the company's capacity without any additional advertising expenditure, and (ii) to attract sufficient demand to utilise full capacity would require a 15% reduction in the current selling price and a Rs. 5,000 special advertising campaign. You are required to present a statement showing the effect of the two alternatives compared with the original budget and to advise management which of the three possible plans ought to be adopted, i.e., the original budget plan or (i) above or (ii) above. (c) An independent market research study shows that by spending Rs. 15,000 on a special advertising campaign, the company could operate at full capacity and maintain the selling price at Rs. 32 per unit. You are required to: (i) Advise management whether this proposal should be adopted.
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Audit 
