1)How is Internal Audit different from Statutory Audit apart from the fact that the scope of internal audit is determined by management whereas statutory audit is done mainly to give his opinion on matters mentioned u/s 227 of companies Act.

2)Also please let me know how auditor’s approach changes in conducting the above two audits.

Kindly answer question wise.

Please keep the query open to enable other experts to express their view.

Thanks.

Is there a difference between a bill and an invoice? If yes, what is the difference?

a company is maintaining books on mercantile basis and entry for payment for bonus, gratuity,leave encashment are accounting on cash basic what is the auditor's responsibility. is it sufficient to disclose in notes on account that these expenses are accounted as and when paid.

- procedure and requirement for CAG and RBI Panel registration?
- is there any state level local body (empanelment) whom with a CA firm required to be registerd?

whether expenses incurred on mobile is capital exp. or revenue and if it is revenue than FBT will be applicable or if it is capitalised than dep. on mobile will be taken for FBT calculation.

one of client is exporting and whatever outstanding as on 31st march is required to be converted at the dollar rate as on 31st march.What AS says- pls clarify

Someone told me that now Miscellaneous expenditure cannot appear in Balance sheet due to inclusion of certain para in AS -26.

Do any one has idea regarding this para?
A humble request.

how will be i prepare a programe for physical stock verification. what should be paper will be collected before stock audit

how will be i prepare a programe for physical stock verification. what should be paper will be collected before stock audit

One Of My client is incurred loss in first year. That is private limited compnay without any income. So whole exp relating to first year is loss. If i show the same under reserve & surplus schedule as profit & loss account debit balance instead of showing profit and loss account debit balance separately on asset side, is it any breach of schedule VI or company act or income tax act or not ?

Please reply immediately.

Thanks,