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Statutory Audit is an checking of accounts required by law. A municipality may be required by its own law to have an annual audit of financial records or a company which is governed by any Law, the Law may require the audit to be conducted and the manner in which audit should be conducted and to whom the report of auditors should be presented. like in case of companies the Companies Act requires audit of accounts, its reporting and manner of audit report.

One conducted to meet the particular requirements of a governmental agency. Where such audits take place, the scope and audit programs are set by the governmental body. Banks, insurance companies, and brokerage firms have statutory audits. Since the auditor's report must conform to standards required by the governing agency, the statements and other financial data generated from these audits may not conform to Gaap. Statutory auditors are elected by shareholders and hold a position in the hierarchy alongside the board of directors A company must have at least one statutory auditor,

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βˆ™ 15y ago
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βˆ™ 15y ago

A Non-statutory Audit is an audit not required by law, the following might have one: à Clubs, certain charities

à Small companies (turnover < £5.6 million/balance sheet total <£2.8 million)

à Sole traders/partnerships

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βˆ™ 12y ago

company which is listed and governed by statute of any act's....

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βˆ™ 9y ago

Purpose of statutary audit is single point and that is to find out the "True and fair" nature of amounts presents in financial statements.

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Q: What is the purposes of statutory audit?
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Related questions

What is the difference between statutory and non statutory audits?

what is the difference between statutory audit and non statutory audit.


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

A statutory audit is necessary by law for auditing all company’s financial health and records. In the UAE Audit firms in Dubai provide a statutory audit for all companies in UAE to check financial health by reviewing its accounts &amp; accounting activities. Government organizations in the UAE must have their accounts reviewed by statutory auditors. A company’s shareholders can select any qualified statutory audit firm in UAE at the annual general meeting. For more info refer : What is Statutory Audit | How To Do Statutory Audit of A Company In Dubai


What is the turnover limit for statutory audit?

Statutory audit is mandatory by statue hence it does not have any turnover limit.


When there is a statutory audit introduction of internal audit is not necessary at all?

false


When there is a Statutory Audit introduction of Internal Audit is not necessary at all.?

false


What are the advantages of statutory auditing?

advantages and disadvantages of non statutory audit


Is statutory audit is done for proprietorship?

not


Why statutory audit is requirements?

gordo ;))


What are the advantages of non statutory audits?

advantages and disadvantages of non statutory audit


What is the difference between statutory audit and non -statutory audit?

Statutory audits are reviews of a business or governments financial records as required by law. Non-statutory are audits not required by legal statute but needed because of some other reason. A non-statutory might be needed if some issue is brought to light such as an irregularity in the way business is being done or perhaps in the case where some type of intentional actions such as an incompetent accountant or even embezzlement was discovered, to find out the extent of the issue.


Checklist for statutory audit of banks?

Bakwash


What are the benefits of statutory audit?

Compliance with regs.