Statutuory Audits

Statutory audits must be completed by qualified Chartered Accountants who are independent of the Business. Further, the report prepared by the Auditor on his/her findings must be presented in the format prescribed by the Regulator. Statutory Audits can be mainly classified into two types, company audits and tax audits. The statutory audit is intended to determine if an organisation delivers an honest and accurate representation of its financial position by evaluating information, such as bank balances, financial transactions, and accounting records.Mention simply, a statutory audit is an independent assessment of the financial accounts of a company or institution. The auditor's role is to report on whether the financial statements issued by an organisation are 'true and fair', and meet all relevant guidelines or legal requirements.The following are benefits of statutory audit:-