What is statutory audit? What is the exact meaning of statutory audit

Statutory audit refers to an inspection and evaluation of financial records and statements of a government organization or a company. It ensures that the financial records and information provided by companies to the public are true and fair as it represents the financial position of companies.



Why A Firm Should Conduct A Statutory Audit?


It helps the public get a full understanding of the company. The audit is performed to make sure that companies follow all rules and regulations, and also to see if they are following an efficient system. A statutory audit checks bank balances, accounting records, working conditions, etc., to get a clear picture of what the company is doing.


Advantages Of Statutory Audit 


  1. Improves the image and goodwill of the company.
  2. Increases public confidence and credibility of the company.
  3. Helps the customers and investors to get a transparent picture of a firm’s fiscal position and performance.


That said, if you need any detailed clarification on the accounting and auditing process, our professionals are always ready to help you out with all kinds of challenges. Feel free to contact us!


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