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Can cost accountant do statutory audit in India?

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Can cost accountant do statutory audit in India?

Large number of statutory audits are conducted by Cost Accountants. Many public companies prescribe three conditions of eligibility for appointment as Internal Auditors. ◦ Chartered Accountant or ◦ Cost Accountant or ◦ such other professional as may be decided by the Board.

Is statutory audit mandatory?

Statutory Audit as the name suggests is a compulsory audit for all companies. Every entity which is registered under the Companies Act, as a Private Limited or a Public Limited company has to get its books of accounts audited every year.

Is Cost Audit a statutory audit?

While reckoning the experience as statutory auditor, the cost audit conducted under section 148 of the Companies Act, 2013 is not considered as statutory audit.

Is cost audit mandatory in India?

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Every company specified in (B) Non-regulated Sector as given under Annexure A shall get its cost records audited if the overall annual turnover of the company from all its products and services during the immediately preceding financial year is rupees one hundred crore or more and the aggregate turnover of the …

Can CMA do statutory audit in India?

CMAs are allowed to do financial Audit, Internal Audit, GST Audit, Excise Audit, VAT audit, stock audit, etc. as well as financial audit of all US-Securities Exchange Commission listed companies. Then why they should not be treated at par under the direct tax laws in India.

Is statutory audit external?

Statutory Auditors are a part of the external audit process. Statutory auditors are focused on the various financial accounts or risks associated with the domain of finance and are appointed by the shareholders of the company.

Why statutory audit is important for the banks in India?

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Statutory audit of banks can be defined as an audit to ensure that the financial statements and books of account presented to the regulators and the public are fair and accurate. It is an audit that is prescribed by a different statute such as Income Tax, Reserve Bank of India, Companies Act and so on.