10 March 2008
hi, can anybody please tell me diffrence between internal audit & statutory audit in practical life. How to prepare audit program considering all the factors like ledger scrutiny, IT, SERVICE TAX, FBT etc. aspects. what should be ideal petty cash system company should adopt for e.g. IOU vouchers etc. what are the aspect to considered while checking service tax & TDS? How do ledger scrutiny of debtors in tally?
Broadly Internal audit is detailed one to ensure there are proper systems and procedures for safeguarding of asssets, prvent fraud and errors in financial systems while statutory audit is prmarily to certify true and fairness of finacial statements as per Indian GAAP and Accounting standards.
Questions you have asked for requires detailed reply, which is time consuming. If you wanna prepare it please cont on 9810056882
15 March 2008
Internal audit is detailed one to ensure there are proper systems and procedures for safeguarding of asssets, prvent fraud and errors in financial systems on daily or periodical basis while statutory audit is prmarily to certify true and fairness of finacial statements as per Act and regulation.
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