What Is the Meaning of Statutory Auditing?

Answer

A statutory audit is conducted to meet the requirements of a government agency and its scope and audit programs are set by the governmental body involved. Many companies such as banks, insurance companies, brokerage firms usually undergo statutory audits.
Q&A Related to "What Is the Meaning of Statutory Auditing"
A Non-statutory Audit is an audit not required by law, the following might have one: à Clubs, certain charities. à Small companies (turnover < £5.6 million/
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In relation to a company it is a period of six months from the date of annual closing of accounts for holding annual general meeting in which statutory audit report is required to
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A statutory enactment is something Enacted, regulated, or authorized by statute.
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Audited: to be examined carefully for accuracy with the intent of verification. "Audit tax returns".
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statutory auditing | Define statutory auditing at Dictionary.com
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Statutory auditing is the mandatory checking of accounts as required by law. The audits are usually carried out so that an organisation can meet the particular requirements of a governmental agency. Banks, insurance companies, and brokerage firms are some of the companies that have statutory audits.
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Non-statutory law is a branch of law that deals with sources other than statutory law. This means that it is defined by tradition, precedent and custom instead ...
A statutory body is an entity that is established under an Act. It normally has control of certain funds. Its governing body includes at least one member who is ...
Statutory body is having or relating to the nature of a statute. It is also defined as an organisation that has the authority of checking of the businesses or ...
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