Question

what is the difference between statutory audit and management audit​

Answer 1

Answer:

Answer: Statutory audit is an external audit that is conducted by an audit firm or individual external to the organisation. Internal audit is conducted by employees from within the organisation. ... Statutory audit is mandatory under the Companies Act, 2013, whereas internal audit is not mandatory for all companies.

Explanation:

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Answer 2

Answer:

• Statutory audit is one conducted to meet the particular requirements of a governmental agency. Where such audits take place, the scope and audit programs are set by the governmental body.
• Banks, insurance companies, and brokerage firms have statutory audits. Since the auditor's report must conform to standards required by the governing agency, the statements and other financial data generated from these audits may not conform to Gaap.

While...

• Audit management is responsible for ensuring that board-approved audit directives are implemented.
• Audit management oversees the internal/external audit staff, establishes audit programs, and hires and trains.
• Explanation:

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