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Difference Between Statutory Audit and Tax Audit (with . . . Tax Audit is an audit made compulsory by the Income Tax Act if the turnover of the assessees reaches the specified limit Statutory Audit is performed by external auditors whereas tax audit is conducted by a practising Chartered Accountant
Statutory Audit vs. Tax Audit - Whats the Difference? | This . . . A statutory audit is conducted to verify the financial statements of a company in accordance with the relevant laws and regulations, while a tax audit is specifically focused on examining the tax returns and ensuring compliance with tax laws
Difference between Statutory Audit, Tax Audit GST Audit So, here we bring to you the difference between the three common audit types that your organization may be subject to,- Statutory Audit, Tax Audit and GST Audit Statutory Audit as the name suggests is a compulsory audit for all companies
What is the Difference Between Tax Audit and Statutory Audit . . . A statutory audit can be performed by any external auditor, whereas a tax audit can be performed by a practising Chartered Accountant hired by the company Section 143 of the Companies Act of 2013 mandates statutory audits
Tax Audit vs Statutory Audit of a Company: All you need to know What is the main difference between a tax audit and a statutory audit? A tax audit focuses on verifying tax compliance, while a statutory audit ensures the accuracy of financial statements
Key Difference Between Tax Audit and Statutory Audit - Tax2win People often confuse the terms "Tax Audit" and "Statutory Audit " A tax audit involves examining a company's accounts to determine whether it operates within legal limits, and it is conducted by an auditor under the Income Tax Act On the other hand, a statutory audit is carried out under the Companies Act 2013