Types of audits

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(Querist)


17 August 2011

Sir Can you tell me what are the types of audits & when they are applicable..???


CMA Ramesh Krishnan (Expert)


17 August 2011

1. Statutory audit - compulsory for all in any case

2. Internal audit - applies when companies which CARO applies

3. Tax audit- applies for those applicable section 44AB as per Income tax audit

4. Cost Audit- applicable as per companies act, companies engaging the manufacturing for specified products

5. VAT audit- applicable as per state VAT act



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