________ audit is not a statutory requirement.
a) Management
b) Financial
c) Tax Audit
d) None of these
Answer: (a) Management audit is not a statutory requirement. Statutory audit is a legal requirement but an internal audit is the necessity of management and not a legal obligation. Appointment: Statutory auditor is appointed by the shareholders of a company but as far as the internal audit is concerned, they are generally appointed by the management.
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