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Categories >> Accounting >> Audit
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1904)
 Accounting General interview questions  Accounting General Interview Questions (2829)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4369)
Question
WHAT IS DIFFERENCE BETWEEN TAX AUDIT AND STATUTORY AUDIT?
 Question Submitted By :: Audit
I also faced this Question!!     Answer Posted By  
 
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 ?    52 Yes 18 No
H.r. Sreepada Bhagi
 
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 ?    15 Yes 7 No
Harsh Vardhan Pandey
 
 
 

 
 
 
Other Audit Interview Questions
 
  Question Asked @ Answers
 
if bill has came for payment for car repair purpose in bill they mentation total parts value is 21000 and labour 13000 with total of 34000 inthat on parts vat is include so we have to deduct tds u/s 194c @2% on full amount of 34000 or not(bill is single for whole 34000 purpose_ Maruti-Suzuki 3
what difference b/w capital structure and financial structure?   1
What the meaning of Computer Auditing. emc2 2
what is internal check?   3
Whether the term loan which was long term as on Mar-11, but now it is short term due to its repayment within one year from the reporting period. Whether it should be classified as short term borrowings or other current liabilities as per Revised schedule VI.   2
In one sentence, What is Auditing ? Ernst-Young 6
How Will U Verify in Salaries whether TDS is deducted or not? bscpl 5
what is cenvat credit&audit Genpact 2
Expand---------RDES   1
Three common types of confirmations used by auditors are (1) negative confirmations, (2) blank form positive confirmations, and (3) positive confirmations with information included. Place the confirmations in order of reliability from highest to lowest.Question 8 options: 1, 2, 3. 3, 2, 1. 2, 3, 1. 3, 1, 2.   2
when can we change the Depreciation Method? and what is the requirements. UBS 3
what is the abervation of tds   10
 
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