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What is Statutory Audit?

Old 05-31-2013, 05:59 AM
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Join Date: May 2013
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Default What is Statutory Audit?


Overview: A legally required review of the accuracy of a company's or government's financial records. The purpose of a statutory audit is the same as the purpose of any other audit - to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, book keeping records and financial transactions.

Requirement: In India, mainly statutory audit means audit under Companies Act in which auditor reports to the member of the company i.e. shareholders. This audit is done by practicing Chartered Accountant only.

Last edited by ajshco; 11-10-2014 at 04:47 AM.
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