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Audit

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(Querist)
19 February 2011 What is the difference between internal audit and statutory audit.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
19 February 2011 An internal audit is one which is conducted by the internal auditors of the company. It is not mandatory for the company and the company just conducts it to keep a check on the operations of the company.

On the other hand statutory audit is very important because it is by the external auditors and it is mandatory for all kinds of companies. Statutory audit is usually conducted for various purposes like tax regulatory requires it for taxation purposes.
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Pratik

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Pratik (Querist)
19 February 2011 Who select's external auditor for external audit for that respective firm.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
19 February 2011 IN COMPANY MOSTELY SHAREHOLDERS SELECT STATUTORY AUDITOR.
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