This is audit conducted by a firm or a person by checking of account as requirement by law to have annual audit of financial records or co. Which is governed by law, the law may require audit to be conducted in a certain manner, manner in which audit shall be conducted and to whom the report of audit shall be presented. Like in the case of co, act.
Objectives
1) To give an independent audit opinion that proper accounting records have been kept
2) The account agree with the accounting records
3) All explanations and information have been received as auditor thinks necessary and the have had access at all times to the company's books, accounts vouchers
Advantages of Statutory Audit
1) it is to ensure that the accounts have been prepared in accordance with the relevant legislations
2) that the balance sheet show a true and fair view of the company's affairs at the end of the period
3) Proper records have been kept and proper returns adequate for the audit received
4) Consistency of the information with the account published
5)Right to access the books of account
6) Recommendation being made
Objectives
1) To give an independent audit opinion that proper accounting records have been kept
2) The account agree with the accounting records
3) All explanations and information have been received as auditor thinks necessary and the have had access at all times to the company's books, accounts vouchers
Advantages of Statutory Audit
1) it is to ensure that the accounts have been prepared in accordance with the relevant legislations
2) that the balance sheet show a true and fair view of the company's affairs at the end of the period
3) Proper records have been kept and proper returns adequate for the audit received
4) Consistency of the information with the account published
5)Right to access the books of account
6) Recommendation being made
