A statutory audit is a legal procedure to be done to review the accuracy of an organization’s financial statement and records. It is mandatory to conduct a statutory audit for government organizations to monitor and evaluate their performance.
Generally, the statutory report is prepared for the public. It helps to determine whether the company is providing a fair and accurate financial information to the public. The statutory audit examines information such as bookkeeping records, bank balances, and financial transactions. The statutory auditors are selected by the shareholders.
The advantages of conducting a statutory audit for one’s company are:
It improves the reputation of the company
The statutory audit report enhances the credibility and reliability of the firm
It helps the prospective clients in evaluating the company before doing any business
Contact us for more info about statutory audit.