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Question :
What is statutory audit?

Posted by: vinay on 8/6/2013

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Category Audit Interview Questions
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Added on 8/6/2013
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Answers:

It is a compulsory audit done by a CA.



Posted by: BALA    

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Finance Audit conduct by the CA to compliance the legal requirements of monitory issues.



Posted by: Saeed Mahr    

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Statutory audit is performed by the external auditor.It is totally opposite of internal audit statutory auditors are appointed only at a.g.m of the company.



Posted by: ashish sharma    

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Statutory aduit is basically verified or certified by the CA that the book of accounts are maintained as per enactment of the law or as per custom of the entity who have not followed Accounting standard & other law near there to



Posted by: CA MBA Rakhit Jain    

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statuatory audit is nothing but compulsory audit



Posted by: ravindra    

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It is done by the chartered accountant at the year end on the balance sheet items.And also he certified the correct position of the company. It can be done once in the year



Posted by: sujatha    

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statutory audit is an audit whcih is conducted by a person or a firm in whcih all the partners are member of ICAI and holding Certificate of practice, statutory auditor is basically responsible for reporting on mistakes , errors which they find during the course of audit.



Posted by: Gurwant Singh    

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statuatory audit is external audit but internal audit is valuable for com.



Posted by: pritam garg    

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statuatory audit is external audit but internal audit is valuable for com.



Posted by: pritam garg    

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Statutory audit is just compliance of the legal requirement.
in statutory audit auditors has to comment on the true and fair view of the financial statements of the entity.



Posted by: CA Hitesh Jain    

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Statutory audit is just compliance of the legal requirement.
in statutory audit auditors has to comment on the true and fair view of the financial statements of the entity.



Posted by: Sona    

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An audit which the statute mandates is statutory audit



Posted by: Harshal Jivani    

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Statutory audit is done by chartered Accountants, to verify the financial statement's fairness and it is done annually.It ensures that, to the best knowledge of the auditors, financial statements are free from any misrepresentations and frauds.



Posted by: CA Akanksha    

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statutory audit is comulsory audit OR audit by law is called statutory audit.
it is also called internal audit.
it is done by independant charter accountant.
statutory audit investigate the fraud and mistakes in the companies financial satatements...



Posted by: tasawar rehman    

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Only C.A. has right to conduct statutory audit. It happens only when the books of account is not maintained as per the accounting standard.



Posted by: Dipesh     

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Statutory Audit is audit done by CA firm on annual basis. It is audit done by external auditors which are appointed by the organisation in their AGM.They look for whether balancesheet represents true and fair view as per AS issued by the ICAI or as per their related By-Laws.



Posted by: CA Rupa Sharma     

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Statutory Audit is a compulsory audit done yearly by a register external auditor.



Posted by: Omar kofa Komora    

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