Statutory audit is also known as
- when statutory audit is conducted
- when statutory audit is applicable
- what is statutory audit
- statutory audot
Statutory audit meaning
Statutory audit vs internal audit...
Statutory Audit: Definition, Examples, and Type of Audit
What Is a Statutory Audit?
A statutory audit is a legally required review of the accuracy of a company's or government's financial statements and records.
The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records, and financial transactions.
Key Takeaways
- A statutory audit is a legally required review of the accuracy of a company's or government's financial statements and records.
- The term statutory denotes that the audit is required by statute.
- Being subject to a statutory audit is not an inherent sign of wrongdoing.
- If inaccuracies are found, appropriate consequences may apply.
- Firms that are subject to audits include public companies, banks, brokerages, investment firms, and insurance companies.
Understanding Statutory Audits
The term statutory denotes that the audit is required by statute.
A statute is a law or regulation enacted by the leg
- when statutory audit is carried out