Definition of Internal audit: This is a process of evaluating and reviewing an organization’s operations. It is including its internal controls, risk management, financial and accounting systems, and compliance with laws and regulations. The primary objective of internal audit is to provide independent and objective assurance to the organization’s management and stakeholders. That the organization’s… Read More »
Audit Planning Audit planning: It is the process of designing and developing a strategy or roadmap for conducting an audit. It involves defining the scope and objectives of the audit, identifying potential areas of risk or concern, determining the resources need to carry out the audit, and creating a timeline for completing the audit.… 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 »
Tax Audit Tax Audit, The primary objective is to examine a taxpayer’s accounts and financial statements to ensure compliance with the provisions of the Income Tax Act, 1961, and to verify the accuracy and completeness of the tax returns. Conducted by a qualified chartered accountant, the tax audit aims to provide assurance to the tax… Read More »
Auditing features Auditing features, The features of auditing encompass the following aspects: Independence: Auditing should maintain independence to guarantee an unbiased and impartial audit process, unaffected by external pressures or biases. Systematic Approach: Auditing should be conduct systematically and methodically, covering all relevant aspects of the audited entity to ensure comprehensive evaluation. Objectivity and Impartiality: Auditors… Read More »
Statutory Audit Vs Cost Audit Statutory Audit and Cost Audit are two distinct types of financial audits with different purposes and legal requirements. Statutories audit are a mandatory audit conducted in accordance with the law for all companies in India. Its objective is to verify that a company’s financial statements provide a true and… Read More »
Difference between a cost audit and an internal audit Cost audit and internal audit are two different types of audits that serve different purposes. Cost audit is a type of audit that focuses on verifying the cost accounting records of a company to ensure compliance with cost accounting standards and other regulatory requirements. The main… Read More »