A statutory audit is a legally required review of the accuracy of a company’s or government’s financial statements and records.
An audit is an examination of records held by an organization, business, government entity, or individual, which involves the analysis of financial records or other areas.
The monetary statements of a firm for a given period or time are to be looked after by the Statutory Auditor.
The role of the auditor here’s to report all the current affairs of the Company. It is a crucial tool for stakeholders to gauge the substantiality of the firm regarding their proceedings.