Diff between stat and internal audit?

Question

Accepted Answer

Stat audit is mandatory by law, while internal audit is voluntary and conducted by the company itself.

Statutory audit is conducted by external auditors, while internal audit is conducted by the company's own employees.
Statutory audit is mandatory and required by law, while internal audit is voluntary and conducted by the company itself.
Statutory audit is focused on ensuring compliance with legal and regulatory requirements, while internal audit is focused on improving the company's operations and processes.
Examples of statutory audits include audits of financial statements, tax audits, and compliance audits, while examples of internal audits include operational audits, compliance audits, and financial audits.

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