Audit Level An audit provides a high level of assurance on the financial statements of an entity. The purpose of an audit is to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework. The auditor collects adequate and relevant audit evidence to… Read More »
Audit and Assurance Audit and Assurance are related concepts but are not the same thing. Assurance is a broader term that encompasses various activities aimed at providing confidence to stakeholders regarding the reliability, accuracy, and compliance of information. It involves evaluating and expressing an opinion or conclusion on a subject matter, which could be… Read More »
Statutory and non-Statutory Audit Statutory audit and non-statutory audit are two types of audits that serve different purposes. A statutory audits is a legally required audit that is performed to ensure that a company’s financial statements are accurate and comply with applicable accounting standards and laws. This type of audit is typically conduct by an… Read More »
Statutory Audit and Tax Audit Tax audit and Statutory audit are two distinct types of audits conducted for different purposes. Statutory audit Statutory audit aims to verify a company’s financial statements to ensure they present a true and fair view of its financial position. It is a legal requirement under the Companies Act, 2013,… Read More »
The definition of a turnover in tax audit In the context of a tax audit, turnover represents the complete income generated by a business through its operations within a specific financial year. Turnover is an important factor in determining the tax liability of a business, as it used to calculate various taxes such as income… Read More »
