Can cost accountant do statutory audit

  • Can cost auditor and statutory auditor be same?

    Thus, only a cost accountant in whole-time practice can conduct cost audit.
    Further, a statutory auditor appointed under Section 139 of the Act cannot be appointed as cost auditor of the company..

  • Can statutory audit be done by CMA?

    Cost audits can be conducted only by practising Cost Accountants.
    Only in places where there are no practicing Cost Accountants, cost audits can be conducted by Chartered Accountants.
    Statutory (financial) audits and Tax audits can be done only by Practising Chartered Accountants..

  • Is cost audit a statutory audit?

    Statutory audit and cost audit are two different types of audits that serve distinct purposes: Statutory Audit: A statutory audit is a legally mandated audit of a company's financial statements and records to ensure compliance with the applicable laws, regulations, and accounting standards..

  • Who can conduct statutory audit?

    Statutory audits must be completed by qualified Chartered Accountants who are independent of the Business.
    Further, the report prepared by the Auditor on his/her findings must be presented in the format prescribed by the Regulator.
    Statutory Audits can be mainly classified into two types, company audits and tax audits..

  • Cost audits can be conducted only by practising Cost Accountants.
    Only in places where there are no practicing Cost Accountants, cost audits can be conducted by Chartered Accountants.
    Statutory (financial) audits and Tax audits can be done only by Practising Chartered Accountants.
  • Statutory audits must be completed by qualified Chartered Accountants who are independent of the Business.
    Further, the report prepared by the Auditor on his/her findings must be presented in the format prescribed by the Regulator.
    Statutory Audits can be mainly classified into two types, company audits and tax audits.
Aug 15, 2020As per law, both Chartered Accountants and Cost. Accountants are equally eligible to conduct internal audit of any public or private company.

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