Question

Difference between management audit and statutory audit

Answer 1

The circular flow of income is a neoclassical economic model depicting how money flows through the economy. In its simplest version, the economy is modeled as consisting only of households and firms. Money flows to workers in the form of wages, and money flows back to firms in exchange for products. In short, an economy is made up of countless circular flows of income (or money).

Understanding Circular Flow Of Income

Most, if not all, people go to work daily to earn a living. The money that is earned is used to purchase goods and services from businesses such as food, clothes, rent, basic commodities, entertainment services, health and wellness products, etc. The income earned daily flows back to businesses continuously in a cycle known as the circular flow of income.

Answer 2

HEY MATE

the most obvious difference lies in the appointment of the auditor ..................!!!!!!

while internal auditors are appointed by the management of the company ,

statutory auditors are appointed by the shareholders of the company

THANKS ❤ MATE

I HOPE IT HELPS U ❤❤❤