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audit

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(Querist)
29 September 2009 Is there any difference between statutory audit and tax audit ? who are liable for statutory audit ? is it compulsory(statutory audit) for every company(private as well as public)
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Kaustuv

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Kaustuv (Expert)
05 October 2009 1) statutory audit as the name suggests, is an audit stipulated by any Act. in common parlance, we use it to be synonymous with audit under Companies Act. Tax audit is also a statutory audit in the sense that it has been stipulated by an Act, the IT Act 1961.

2) For Companies Act, all companies, big or small are liable to audit.
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Pathan Mushtaque

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Pathan Mushtaque (Querist)
05 October 2009 Thanks kaustav
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