Audit

Originally posted by : vishal srivastav
	statutory audit of companies done by ca is substitute word for tax audit u/s 44 AB ?

Where an audit has already been conducted (eg, statutory audit of a company to whom tax audit is also applicable, audit of a co-operative society etc.) and the opinion of the auditor has been expressed on the accounts, it would not be necessary to repeat the entire exercise to express similar opinion all over again.
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It would only be necessary for the tax auditor to annex a copy of the audited accounts as well as a copy of the audit report given by the statutory auditor with his report in Form No. 3CA along with Form No.3CD.
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The extent of check undertaken would have to be indicated by the tax auditor in his working papers and audit notes.

For Companies, Stat Audit and Tax Audit are completely different. It may be possible that Company is not subject to Tax Audit but Stat Audit is mandatory for every company.

Further, Stat Audit (whose scope is very vast) is conducted in the light of CARO whereas Tax Audit is conducted as per Questionnaire in Form 3CD.

Rest things are explained correctly by Mr. Deepak.