Information about statutory Audit

Question

Accepted Answer

Statutory audit is a legally required examination of a company's financial records to ensure accuracy and compliance.

Statutory audit is conducted to verify the financial statements of a company.
It is mandatory for certain types of companies as per the law.
The audit is performed by an independent auditor who is a qualified chartered accountant.
The objective is to express an opinion on whether the financial statements give a true and fair view of the company's financial position.
The auditor examines the company's books, records, and internal controls.
They also assess the company's compliance with applicable laws and regulations.
The audit report is submitted to the shareholders, management, and regulatory authorities.
Examples of statutory audits include audits of public companies, banks, insurance companies, etc.

Accepted Answer

Statutory audit is done by chartered accountant...in which we done examination of financial information of an entity.

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