13 June 2009
Statutory audit menas audit of statutory compliance like Income tax, TDS,Vat, service tax etc and that report goes to shareholders of companies. Internal audit meaning audit of internal functioning of companies it include management policies, taxation and other laws as applicable but its report goes to management. Not For Shareholders. External Audit means audit conducted by exterenal firms most cases for the purpose of external bodies like bankers, investers and some time statutory bodies.
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