It is a title used in various countries to refer to a person or entity with an auditing role, whose appointment is mandated by the terms of a statute. It is a legally required external audit conducted annually to meet a specific set of requirements by the government.
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, bookkeeping records and financial transactions. Main article: External auditor. In the India, the term statutory auditor refers to an external auditor whose appointment is mandated by law. A statutory audit is a legally required review of the accuracy of a company's or government's financial records. Tweet. A statutory audit is an audit that is required by a government agency and does not pertain to all businesses in the UK. For example, statutory audits are required specifically by institutions, such as banks, brokerage companies and insurance companies in the UK. For example, in 2012, there is no longer a requirement for Small-and Medium-sized Enterprises (SMEs) to submit to statutory audits, if they meet certain threshold requirements. Such changes are part of the government’s move to remove financial burdens from SMEs and streamline business practices. The term statutory audit refers to the review or the record of the company of the government organization which is required by the law or the municipal authority of any particular region.  It can be done once in the year. statutory audit is an audit whcih is conducted by a person or a firm in whcih all the partners are member of ICAI and holding Certificate of practice, statutory auditor is basically responsible for reporting on mistakes, errors which they find during the course of audit. Statutory audit is just compliance of the legal requirement. in statutory audit auditors has to comment on the true and fair view of the financial statements of the entity Statutory Audit. Statutory Audit is a legally required external audit conducted annually to meet a specific set of requirements by the government. It relies on the internal audit reports, verification of financial information, documents and related stock validations Statutory auditor is a title used in various countries to refer to a person or entity with an auditing role, whose appointment is mandated by the terms of a statute. Main article: External auditor. In the India, the term statutory auditor refers to an external auditor whose appointment is mandated by law. A statutory audit is a legally required review of the accuracy of a company's or government's financial records. BREAKING DOWN 'Statutory Audit'. For example, a state law may require all municipalities to submit to an annual statutory audit examining all accounts and financial transactions and to make the results of the audit available to the public. The purpose of such an audit is to hold the government accountable for how it is spending taxpayers' money 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, bookkeeping records and financial transactions. For example, a state law may require all municipalities to submit to an annual statutory audit examining all accounts and financial transactions and to make the results of the audit available to the public.
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what is a statutory audit