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  • INTERVIEW QUESTIONS AUDIT DETAILS
    Question :
    What is statutory audit?

    Posted by: vinay on 8/6/2008

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    Category Audit Interview Questions
    Rating (0.3) By 1806 users
    Added on 8/6/2008
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    Answers:

    It is a compulsory audit done by a CA.



    Posted by: BALA    

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    Finance Audit conduct by the CA to compliance the legal requirements of monitory issues.



    Posted by: Saeed Mahr    

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    Statutory audit is performed by the external auditor.It is totally opposite of internal audit statutory auditors are appointed only at a.g.m of the company.



    Posted by: ashish sharma    

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    Statutory aduit is basically verified or certified by the CA that the book of accounts are maintained as per enactment of the law or as per custom of the entity who have not followed Accounting standard & other law near there to



    Posted by: CA MBA Rakhit Jain    

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    statuatory audit is nothing but compulsory audit



    Posted by: ravindra    

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    It is done by the chartered accountant at the year end on the balance sheet items.And also he certified the correct position of the company. It can be done once in the year



    Posted by: sujatha    

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    statutory audit is an audit whcih is conducted by a person or a firm in whcih all the partners are member of ICAI and holding Certificate of practice, statutory auditor is basically responsible for reporting on mistakes , errors which they find during the course of audit.



    Posted by: Gurwant Singh    

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    statuatory audit is external audit but internal audit is valuable for com.



    Posted by: pritam garg    

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    statuatory audit is external audit but internal audit is valuable for com.



    Posted by: pritam garg    

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    Statutory audit is just compliance of the legal requirement.
    in statutory audit auditors has to comment on the true and fair view of the financial statements of the entity.



    Posted by: CA Hitesh Jain    

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    Statutory audit is just compliance of the legal requirement.
    in statutory audit auditors has to comment on the true and fair view of the financial statements of the entity.



    Posted by: Sona    

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    An audit which the statute mandates is statutory audit



    Posted by: Harshal Jivani    

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    Statutory audit is done by chartered Accountants, to verify the financial statement's fairness and it is done annually.It ensures that, to the best knowledge of the auditors, financial statements are free from any misrepresentations and frauds.



    Posted by: CA Akanksha    

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    statutory audit is comulsory audit OR audit by law is called statutory audit.
    it is also called internal audit.
    it is done by independant charter accountant.
    statutory audit investigate the fraud and mistakes in the companies financial satatements...



    Posted by: tasawar rehman    

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    Only C.A. has right to conduct statutory audit. It happens only when the books of account is not maintained as per the accounting standard.



    Posted by: Dipesh     

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    Statutory Audit is audit done by CA firm on annual basis. It is audit done by external auditors which are appointed by the organisation in their AGM.They look for whether balancesheet represents true and fair view as per AS issued by the ICAI or as per their related By-Laws.



    Posted by: CA Rupa Sharma     

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    Statutory Audit is a compulsory audit done yearly by a register external auditor.



    Posted by: Omar kofa Komora    

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    Statutory audit means examination of the accounts statement by a Chartered Accountant who is appointed by the Shareholders of the Company at Annual General Meeting. Auditor is responsible to report to the Shareholders about the position of the Company.



    Posted by: Aloke Kumar Dutt    

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    It is an audit conducted on the annual financial statements of the company to express an opinion on whether the FS present a true and fair view of the company. It is done by the statutory auditor who will be a chartered accountant appointed by the shareholders of a company.



    Posted by: Amrutha    

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    Statutory audit are conducted by Govt. and it officials and its can be done by Chartered Accountant only. Who will complete CA he do a Statutory Audit.



    Posted by: D.BALAKUMAR    

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    Statutory audit means every company audit the expenses and stock materials audited once in the year



    Posted by: SUNDAR G    

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    Continuing globalization will increase the complexity of principles, regulations, and the cultures in which organizations operate. Increasing litigation, legislation, and regulations will carry important compliance implications. Ever growing competition will increase the pressure on organizations to enhace productivity.

    The principal objectives of the Statutory Audit is to ensure that the financial statements i.e. the Balance Sheet, Profit & Loss Account and Cash Flow Statement give a true & fair view and are free from any material misstatements.

    Our approach to Statutory Audit of the financial statements is to provide reasonable assurance that the accounts have been prepared in accordance with the Generally Accepted Accounting Principles (GAAP) and are free of any misstatements, errors and discrepancies. In addition to the traditional statutory audit, we also help the clients by monitoring organizational ethics, conducting effective reviews of operational and financial performance, assessing the quality, economy and efficiency of their operations and suggesting continuous improvement strategies




    Posted by: SUNDAR G    

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    statutory audit is done only if the balance sheet of the company is not equal. Statutory Audit is auditing done by CA of the company on annual basis. It is audit done by external auditors which are appointed by the organisation in their AGM.They look for whether balancesheet representation is correct or wrong according to the companies balance sheet as per the rules



    Posted by: sailaja mangalpally     

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    Statutory audit is compulsory audit required by the state to give a detailed report of a company to its stakeholders. This is conducted by external auditors to give their independent opinion on the financial records..



    Posted by: Coker I    

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    Statutory audit is conducted when a companies turnover reaches certain parameters set by the government.



    Posted by: Ankush Shridhar Shukla    

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    STATUTORY AUDIT ARE THOSE AUDIT COMPULSORILY REQUIRED BY LAW.



    Posted by: Mr Sam    

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