What Is the Meaning of Statutory Auditing?

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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.
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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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Statutory deduction applies to the federal payroll taxes employers are required to withhold from employees' wages - specifically, federal income tax, Social Security tax and Medicare
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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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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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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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