Statutory audits are those audits that have to be done compulsorily by some companies as they are required by the legal statute. Brokerage firm is an example of companies that are legally required to conduct a statutory audit.
Statutory audits involve the checking of financial statements made by the company & ensuring that they are in compliance with relevant IFRS’s, IAS’s & most importantly with the legal laws.
As with external audits, statutory audits are carried out for the common purpose of bringing a transparency of accounting records as well as making sure that they present a true & fair view.
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