what is audit and diff between internal audit and stat audit

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Accepted Answer

Audit is a systematic examination of financial records, while internal audit focuses on internal controls and processes and statutory audit is mandated by law.

Audit is a systematic examination of financial records to ensure accuracy and compliance with regulations.
Internal audit is conducted by employees within the organization to evaluate internal controls and processes.
Statutory audit is an external audit mandated by law to ensure the accuracy of financial statements for regulatory compliance.
Internal audit focuses on risk management and process improvement, while statutory audit focuses on financial reporting and compliance.
Both internal and statutory audits play a crucial role in ensuring transparency and accountability in organizations.

what is audit and diff between internal audit and stat audit

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