How does a tax audit differ from a statutory audit?
Welcome to Answerclub.org
Questions | Answers | Discussions | Knowledge sharing | Communities & more.
Sign Up to our social questions and Answers Engine to ask questions, answer people’s questions, and connect with other people.
Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Questions | Answers | Discussions | Knowledge sharing | Communities & more.
A tax audit and a statutory audit have different objectives and scopes:
Tax Audit: Focuses on ensuring compliance with tax laws and regulations, particularly the Income Tax Act, 1961. It aims to verify that the income and deductions reported in the tax return are accurate.
Statutory Audit: Required under the Companies Act, 2013 (or other applicable laws) for all companies and certain entities. It aims to ensure that the financial statements give a true and fair view of the financial position and performance of the entity. It involves a broader review of all financial records and internal controls.