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Statutory audit and tax audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 January 2014 can anyone tell me what is the difference between statutory audit and tax audit? Is the both concept are one and the same??????
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Ranjan Dayal

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Ranjan Dayal (Expert)
15 January 2014 Dear
Statutory Audit is a balance sheet Audit in which auditor has express his opinion that balance sheet is true & Fair in accordance to Accepted accounting principal and as per per scheduled VI of the companies Act.
However Tax Audit is requirement of Income Tax law u/s 44AB in which auditor has issue a certificate in form 3CB & 3CA with Statement 3CD
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