What are the different types of audits ????

This query is : Resolved

Report Abuse Follow Query Ask a Query

Anonymous

Anonymous (Querist)
Follow

05 May 2017 What are the different types of audits? What is statutory audit? Is tax audit a statutory audit?

Ankur Singhal

Ankur Singhal (Expert)
Follow

06 May 2017 Dear Statutory audit is different from tax audit. Statutory audit is the term used un companies act. means a CA signing the Financial statemnets. Tax audit is a term in income tax act means person signing tax audit report . botb the auditor cab be a same person or different person.

Anonymous

Anonymous (Querist)
Follow

06 May 2017 What about quarterly audits? These are required by SEBI right? Are these not statutory audits?

Ankur Singhal

Ankur Singhal (Expert)
Follow

06 May 2017 its called limited review. Statutory auditor performs the limited review on quarterly basis. these results are published after review

Anonymous

Anonymous (Querist)
Follow

06 May 2017 Limited review is when the company opts to publish unaudited financial statements right? Or even audited financial statements.?

And both these are required to be performed by the statutory auditor and thus are both statutory audits?

And apart from these no other audits are included in statutory audit right ?

Online classes for CA CS CMA