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    Statutory Audit Services

    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.

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    A statutory audit is a legally mandated examination of a company’s or government’s financial statements and records for correctness. A statutory audit evaluates information such as bank balances, financial transactions, and accounting records to see if an organisation provides an honest and accurate depiction of its financial status.

    What are the Advantages of Statutory Audit to a Business?

    Statutory audits are critical for a firm because they must be completed in accordance with the norms and regulations of the country in question. This type of audit aids in meeting all of the company’s compliance standards. Aside from that, there are a number of other advantages to statutory auditing. The following are some of them:

    • All financial reports are audited by an auditor, which ensures the accuracy of the company’s records.This will also improve the organization’s legitimacy, which will raise the company’s goodwill
    • Due to the inspection of all company data, management will be able to boost the organization’s efficiency and deliver a bigger profit to its investors.
    • It will also aid in a better understanding of corporate activities and increase the internal management system’s performance.
    • It will also aid in a better understanding of corporate activities and increase the internal management system’s performance.

    What is the Statutory Audit Procedure?

    Understanding the organization’s operating environment and controls is part of the statutory audit procedure. Internal methods as well as account facts must be tested by a statutory auditor.

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