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Categories >> Accounting >> Audit
 
 


 

 
 Audit interview questions  Audit Interview Questions (422)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (157)
 Taxation interview questions  Taxation Interview Questions (1892)
 Accounting General interview questions  Accounting General Interview Questions (2781)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4351)
Question
WHAT IS DIFFERENCE BETWEEN TAX AUDIT AND STATUTORY AUDIT?
 Question Submitted By :: Vaibhav Patil
I also faced this Question!!     Rank Answer Posted By  
 
  Re: WHAT IS DIFFERENCE BETWEEN TAX AUDIT AND STATUTORY AUDIT?
Answer
# 1
Audit under any statute in a Country(State) is called
statutory audit & Audit under any taxation law is called tax
audit. For example books of accounts are audited under the
Companies Act, 1956 (Statutory Audit) and Financial
Statements of companies are prepared as per the provisions
of this Act. Books are also audited under the Income Tax
Act, 1961 and the income arrived at as per the provisions of
this Act is taxed (Tax Audit).
 
Is This Answer Correct ?    48 Yes 18 No
H.r. Sreepada Bhagi
 
  Re: WHAT IS DIFFERENCE BETWEEN TAX AUDIT AND STATUTORY AUDIT?
Answer
# 2
Audit under any statute is called statutory audit. companies act 1956 and income tax act 1961 both are statutes. hence tax audit is also a kind of statutory audit likewise the audit under companies act. but in practice generally we calls audit under income tax act 1961(section 44AB) as a tax audit...however it may also be called a STATUTORY AUDIT... Please carry on this coversation.... 
Is This Answer Correct ?    13 Yes 6 No
Harsh Vardhan Pandey
 
 
 

 
 
 
Other Audit Interview Questions
 
  Question Asked @ Answers
 
what do you mean by documentation   3
What is the meaning of "Rendered Amount"?   1
plz tell me what is the rules of audit how we audit the a/cs book.   4
audit programme RIM 7
What is the Difference between Current Assets and Fixed Assets and how would you classified it GET-Engineering-Construction 17
what is the difference between cheque and draft Bank-Of-America 34
what is the key factor while making cash & fund flow statement?   1
what difference b/w capital structure and financial structure?   1
WHAT IS THE USE OF RATIO ANALYSIS HBL-Power-Systems 19
how to do audit of bank in respect of advances?   1
What is the most important part of your job ? Ernst-Young 1
Do you have any principale towards job? Ernst-Young 9
 
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