Statutory Audit Procedure In India

Statutory Audit

Statutory audit is an audit by a practicing Chartered Accountant which has its operations exterior to the organization which it is auditing. Statutory Auditors are a part of the external audit process are focused on the various financial accounts or risks associated with the domain of finance and are appointed by the shareholders of the company. The chief responsibility of statutory auditors is to perform the process of annual statutory audit of the company’s financial accounts, providing opinions if they are an impartial and fair reflection of the company’s financial position. As part of this effort, statutory auditors by means of the statutory audit process often deal with the examination and evaluation of internal controls to manage the risks that could possibly affect the financial accounts, to decide if they are working as according to intended plans.