What are the advantages of statutory audit?
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Secretarial Audit and Statutory Audit: What is the Difference?
IntroductionA compliance audit is a secretarial audit. It is a component of an organization’s overall compliance management. On the other hand, a statutory audit is a legally mandated examination of the correctness of a company’s or government’s financial accounts and records. Here on this blog there is detailed information on the meaning of Secretarial Audit and Statutory Audit, and “What is the difference between Statutory Audit and Secretarial Audit?” What is Statutory Audit?As previously mentioned, a statutory audit is a legally mandated examination of the truthfulness of a company’s or government’s financial records and claims. A Statutory Audit looks at data including financial transactions, bank balances, and accounting records to assess whether an organization provides an honest and accurate portrayal of its financial status. Advantages of Statutory Audit
What is Secretarial Audit?The Secretarial Audit offers a judgement on whether the firm has suitable systems and processes in place to monitor and assure compliance with applicable rules, regulations, laws, and guidelines, consistent with the organization’s size and operations. Secretarial auditing aids in the detection of non-compliance and the implementation of corrective actions. It examines the company’s adherence to good corporate practices. Secretarial Audit gives stakeholders, regulators, and management the essential assurances about good governance, statutory compliance, and the existence of competent and adequate systems and processes. Advantages of Secretarial Audit
What is the difference between Secretarial Audit and Statutory Audit?
Final ThoughtsCompanies and organizations engage in a variety of audit processes to ensure that they are in compliance with the law. While some of these audits are explained here, such as secretarial audits and statutory audits. The main difference between these terms is that secretarial audits are performed by Secretaries of India holding a certificate of Practice, whereas statutory audits are performed by external entities such as chartered accountants.
Appointment of AuditorEasily conduct auditor’s appointment procedure in your company. Get it done through EbizFiling Read More About Ebizfiling -EbizFiling is a concept that emerged with the progressive and intellectual mindset of like-minded people. It aims at delivering the end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad in all the best possible ways. To know more about our services and for a free consultation, get in touch with our team on or call 9643203209. Zarana Mehta is an MBA in Finance from Gujarat Technology University. Though having a masters degree in Business Administration, her upbeat and optimistic approach for changes led her to pursue her passion i.e. Creative writing. She is currently working as Content Writer at Ebizfiling. Follow AuthorWhat are the advantages and disadvantages audit?Some benefits of an audit include having a different point of view, and seeing what processes could be improved. Disadvantages can be delays, high costs, long hours, lack of information, lack of ownership in the process among others.
What is the main objective of the statutory audit?The purpose of the statutory audit is to provide an independent opinion to the shareholders on the truth and fairness of the financial statements, whether they have been properly prepared in accordance with the Companies Act 1985, and to report by exception to the shareholders on the other requirements of company law ...
What is statutory audit and what are its features?Meaning of a Statutory Audit
A statutory audit is intended to determine if an organisation delivers an honest and accurate representation of its financial position by evaluating information, such as bank balances, financial transactions, and accounting records.
What are the advantages of non statutory audit?Advantages of conducting a non-statutory audit; Non-statutory audit reduces organizational risks and hence helps the organization in achieving its objectives. By conducting a non-statutory audit the management can learn and rectify errors so that the financial statements are free from any material misstatement.
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