Query on Internal audit and Statutory Audit

Anil (1638 Points)

24 June 2008  

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.