What Is Statutory And Non Statutory Body?

What is statutory and non statutory reports?

Non statutory reports or voluntary reports are not required to be prepared and submitted compulsorily under any law.

Such reports are prepared to provide facts, figures, observations and suggestions to the management regarding any matter.

These are prepared to help the management in making decisions..

What do you mean by non statutory body?

These bodies are non-constitutional and non-statutory. They are not mentioned in the Constitution. They are also not established by an act of Parliament. They are formed by executive resolution or action, which means that they are formed by the government’s action only.

What are the examples of non statutory record?

Non-statutory records are of private use to schools that find them useful. These include: cash book, stock book, punishment book, school calanedar, inventory book, staff minutes book, school magazine, inspection/supervision report file, confidential report forms and requisition book.

What is meant by a statutory body?

Basically, a statutory body is an organization of government which is not demarcated in Constitution of India but it gets its powers, service rules, authority by an act of parliament or state legislatures.

Is Nic a statutory body?

The National Informatics Centre (NIC) is an attached office under the Ministry of Electronics and Information Technology (MeitY) in the Indian government. The NIC provides infrastructure to help support the delivery of government IT services and the delivery of some of the initiatives of Digital India.

What is another word for statutory?

In this page you can discover 16 synonyms, antonyms, idiomatic expressions, and related words for statutory, like: legal, rightful, lawful, contractual, regulation, legislative, regulatory, enforcement, provision, discretionary and disclosure.

Who is eligible for statutory audit?

LLP: Statutory Audit is Applicable only if turnover in any financial year exceeds Rs. 40 Lakhs or its contribution exceeds Rs. 25 Lakhs. Private Limited Company/Public Limited Company: Mandatory irrespective of Turnover, Profit, etc.

What are non statutory accounts?

‘Non-statutory accounts’ are accounts or other published financial information that are not the company’s statutory accounts (e.g. simplified accounting information such as an account in any form claiming to be a balance sheet or profit and loss account relating to the financial year of a company or group).

What is the difference between statutory and non statutory audit?

The non-statutory audit is the audit of financial statements that are not required by law. It is different from the statutory audit that the entity needs to engage with an audit firm to perform its review in financial statements.

What do u mean by statutory?

1 : of or relating to statutes. 2 : enacted, created, or regulated by statute a statutory age limit.

What is the opposite of statutory?

Opposite of of, relating to, enacted or regulated by a statute. illegal. illegitimate. illicit. unlawful.

What are non statutory reports?

What is a Non-Statutory report. Non-statutory reports are prepared in order to help the board of directors or top executives to take a quality decision for the effective control and management of business organization but not required under the provisions of any law.

What is difference between autonomous and statutory body?

Answer. Answer: A statutory body deals with enforcing legislation for a country or state. A autonomous body is a company that regulates it own company law….i hope it helps you Rate!

What is a statutory term?

If something is statutory, it is related to or set by laws or statutes. … If something is legal, it is allowed by the law, whereas if it is statutory, it is regulated by law.

What are 3 types of audits?

What Is an Audit?There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits.External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor’s opinion which is included in the audit report.More items…•