Statutory external audit

Merits and demerits of statutory audit

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Shashank Goyal

  • Aug 28th, 2011

Statutory audit is always an external audit as the statutory auditor is appointed under the provision of section 226 by company shareholders and as per the professional ethics internal auditor cannot go for the statutory auditor.
Now the statutory audit is comprehensive examination of financial statements with a view to ensure compliance of all laws that governs an entity . As such audit is conducted under the provision of companies act , it is known as statutory audit .

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