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A statutory audit is a compulsory audit of the financial records of a business conducted by an external entity. This audit is made compulsory under the law or statute that governs a company's ethics and principles.
It is done by checking bank accounts, transactions, ledgers, financial statement, booking records and various critical documents which are submitted for government records and tax purpose.
| Aspect | Internal Audit | Statutory Audit |
|---|---|---|
| Nature & Scope | Fixed by management | Fixed by Law |
| Compulsory | Not compulsory | Compulsory by statute |
| Appointment | Appointed by management | Appointed by shareholders |
| Independence | Employee of company | Independent person |
| Qualification | Need not be CA | Must be Chartered Accountant |
| Removal | Can be removed anytime | Only by shareholders per Companies Act |
| Meetings | Not required to attend shareholder meetings | Right to attend annual general meeting |
Review processing pattern from purchase order to customer delivery
Ensure all regulatory requirements are met
This audit process ensures compliance, accuracy, and risk mitigation in financial reporting.
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Ensure regulatory compliance with our comprehensive statutory audit services. Connect with our expert CAs for professional audit solutions.