what is the difference between statutory audit and non statutory audit.
legal and non legal
A statutory body deals with written law; non-statutory deals with implied law.
Statutory Body
advantages and disadvantages of non statutory audit
advantages and disadvantages of non statutory audit
one is and one isnt
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A non-statutory organization is a group or entity that is not established or regulated by legislation. These organizations operate independently and are usually formed by individuals with a common interest or goal. Non-statutory organizations do not have legal standing granted by a specific law.
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Statutory rights are rights that are established by laws or statutes, such as labor laws or consumer protection laws. Non-statutory rights are rights that are not specifically defined by law but may arise from common law principles or agreements between parties. The main difference is that statutory rights are clearly defined by written laws, whereas non-statutory rights rely on other sources for recognition and enforcement.
RBI is a statutory body formed under the Reserve Bank of India Act 1934 and not a constitutional body.