Audit
This query is : Resolved
Aarav jain
(Querist)
25 February 2011
what is difference between statutory audit and internal audit???????????
CA Ravi Sisodia
(Expert)
25 February 2011
Internal audit is designed and developed by management....the scope & functions are limited to the terms of appointment
External audit....the scope is prescribed by companies ACt...
External audit....the scope is prescribed by companies ACt...
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CA Ravi Sisodia
(Expert)
25 February 2011
1) usually in big corporates, external auditor don't perforrm detailed audit of day-to-day transactions and internal controls. mainly internal auditor do it. although these works are liability of external auditor also.
2) external auditor give report in a standard framework. whereas, there is no standard reporting system for internal audit. it depends on company requirement.
3) CARO requires companies to have appropriate internal audit system commensurate to its size. i believe it does not necesarily mean to have an outsider internal auditor. company may have a department of internal audit and internal auditor may be on its payroll.
2) external auditor give report in a standard framework. whereas, there is no standard reporting system for internal audit. it depends on company requirement.
3) CARO requires companies to have appropriate internal audit system commensurate to its size. i believe it does not necesarily mean to have an outsider internal auditor. company may have a department of internal audit and internal auditor may be on its payroll.
CA Ravi Sisodia
(Expert)
25 February 2011
LINK-
https://www.caclubindia.com/share_files/difference-between-statutory-audit-and-internal-audit-31292.asp
https://www.caclubindia.com/share_files/difference-between-statutory-audit-and-internal-audit-31292.asp
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