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Tax Audit vs Statutory Audit: What's the Difference?
Understand when each audit applies, who requires it, and what the reporting obligations are.
Businesses often confuse tax audit with statutory audit. Both serve different purposes under different laws. This article clears up the difference.
Tax Audit
Required under the Income Tax Act when turnover crosses the prescribed limit, reported in Form 3CA/3CB-3CD.
Statutory Audit
Mandated under the Companies Act for all companies regardless of turnover, focused on the true and fair view of financial statements.
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Audit & Assurance
Tax audit and statutory audit handled end-to-end with accuracy, independence, and compliance.