Who is Statutory Auditor?

Hello,

A statutory audit is a review of all the accounts of a company. It is a legally required review of the accuracy of a company's or government's financial statements and records. All the firms that are subject to statutory audits include public companies, banks, brokerage and investment firms, and insurance companies

The phrase "statutory auditor" denotes to an external auditor, in India. A "statutory audit" is a legally mandated review of the quality of accounting information of a company or government. A statutory audit objective is the same as any other audit purpose-to assess whether an entity offers a complete and reliable portrayal of its financial status by reviewing details like bank accounts, accounting reports and financial statements.

A statutory auditor is an official and authorized service provider responsible for certifying the accounts in compliance with relevant professional auditing requirements such as ACA, ACCA and INSTOSAI standards. A statutory auditor is an auditor that is typically a member of the internal audit programme that works in one of the various areas and can also work in more than one. A statutory auditor serves as a legal mandate to review a company's or government's financial statements to verify their honesty and accuracy. Using statutory auditing is no different from any other audit form.

Statutory Auditor refers to external auditor whose appointment is mandated by law. A "statutory audit" is a legally required review of the accuracy of a company's or government's financial records.