Pls explain the meaning of and the difference between the following:
1. Stat Audit
2. Concurrent Audit
3. Tax Audit
4. Internal Audit
5. Any other major kind of Audit
I have some idea about tax audit only.
CA Surbhi Singhal (CA CS NCFM Dip-IFR B.Com) (983 Points)
25 January 2013Pls explain the meaning of and the difference between the following:
1. Stat Audit
2. Concurrent Audit
3. Tax Audit
4. Internal Audit
5. Any other major kind of Audit
I have some idea about tax audit only.
ok
(CA Job)
(39 Points)
Replied 26 January 2013
1. Statutory Audit is required by the statue governing the entity. eg. as per companies act all companies are required to gets their accounts audited.
2 Concurent audit is technique of audit where auditing is done simultaneously when the transactions occured. In other words concurent audit is a routine function.
3 Audit mendated by the revenue authorities is tax audit. e.g. Audit requirement under income tax act and VAT Audit
4 Internal Audit is the system of audit setup by the management itself for the audit of internal control system. Area of audit is defined by management itself
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 26 January 2013
| Originally posted by : ok | ||
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1. Statutory Audit is required by the statue governing the entity. eg. as per companies act all companies are required to gets their accounts audited. 2 Concurent audit is technique of audit where auditing is done simultaneously when the transactions occured. In other words concurent audit is a routine function. 3 Audit mendated by the revenue authorities is tax audit. e.g. Audit requirement under income tax act and VAT Audit 4 Internal Audit is the system of audit setup by the management itself for the audit of internal control system. Area of audit is defined by management itself |
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Other Kind of audit includes Management and operational audit,IT Audit , Forensic Audit are some of them.
CA Surbhi Singhal
(CA CS NCFM Dip-IFR B.Com)
(983 Points)
Replied 01 February 2013
What is the difference between internal audit and concurrent audit?? And what is management and operational audit??
Pawan Verma
(Assistant manager finance)
(186 Points)
Replied 12 February 2013
Internal audit is a broader term used which covers Management and Operational audit.
Internal audit is basically conducting a check on the company's "Internal Controls" in all the processes. (Eg: Sales, Purchases etc).
Whether you call it an Operational audit/Management audit depends on the scope of audit you are performing.
If in an internal audit you cover operational aspects (Including Financial aspects) like Production, Logistics etc, one could term it as an operational audit.
In Management audit, your scope of work is defined by the management. And you are supposed to report directly to them. (Say some special assignments like fraud investifation etc)
Sathish M
(Management Accountant)
(40581 Points)
Replied 12 February 2013
CAclubindia
