What is internal and statutory Audit and what are the roles
of auditor.
- 7 Answers
- 12020 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / peter
Internal auditors are paid by company, to say, they are the
employees of the company. they prepare trading and profit
and loss account and the final balance sheet.
Statutory audit means, the external auditor, who varifies
the books of accounts, which were prepared by internal
auditors and gives his opinion in the audit report, which
is evidence in the court of law.
| Is This Answer Correct ? | 15 Yes | 7 No |
internal auditor r those who verify those matters as per
requirement of client.he checks 100%.he reports to the
management.
external auditor r those who verify those matters which r
reqd to report on true & fair view of financial
statements.he may do sample checking. he reports to the
owners of org.
| Is This Answer Correct ? | 9 Yes | 2 No |
Answer / vasanthakumar b.t.
Internal Auditors are stay in company they are checking
postings ,bills,Vouching every thing pin to pin.
Statutory Auditors are looking briefly and they are
vouching briefly,whether tds deductions,advance tax
paymets,and prepared balance sheet.
| Is This Answer Correct ? | 14 Yes | 11 No |
Answer / m.parushu ramulu
internal auditor is the person to check the all accounts
which was prepared by accountants in the company and he
scrutinizing all the reports. internal auditor is very
important to the company to find out fraud and mistakes
which was done by the accountants and other clerks.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / rahul khandelwal
internal audit is concluded by the company in order to see
the efficiency of work perform within in the co. .in this
the auditor report to the directors/manaement
while statutory audit is perform as it is an obligation to
do so with refer to company's act,1956.the objective is to
verfy the financial statement an to express opinion for the
stakeholder/external user
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / puneet goyal
Internal auditor checks the internal control of the company
and improve the weaknesses in the internal control whereas
statutory auditor gives its opinion on true and fair view of
financial statements of the company.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / r.acharya
internal auditor(internal)role is very important in all
function,like keep all data of the company.
statutor auditor(external)there is no necessary of keep all
data of the company.
| Is This Answer Correct ? | 0 Yes | 2 No |
How do one write an interim audit report?
What do you see as "a good job"?
what supporting documents do we vouch to for sales, purchases, receivables, payables, sales cutoff, and liabilities cutoff?
Is it necessary that monthly provision should be exact
What is external audit?
If we miss a entry at journal can we find it in latter stage or in audit how can be find it
whether an independant auditor can increase his fees in properitory firm according to turnover.
plz tell me what is the rules of audit how we audit the a/cs book.
please send me .the all journal vochers with examples.
What is audit control procedure?
audit programme
What is the difference between compliance testing and substantive testing?
Audit 
