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Diffrence between Statutory Audit & Internal Audit
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Answer Posted / 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.
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