Statutory audit - What is a Non

Statutory Audit Definition

Statutory Audits

What is a Non

Examples of Statutory Audits State law may require that all municipalities submit to an annual statutory audit.

Being subject to a statutory audit is not indicative of any wrongdoing, as the purpose of the audit is to deter such activities.

For example, auditors use sampling or representations with some areas, which may not detect issues in those areas.

The information is gathered and supplied as requested, allowing the auditors to perform their analysis.

Description: What Are The Procedures Followed During The Statutory Audit?

Views: 7480 Date: 28.06.2022 Favorited: 84 favorites
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The audit report shows the opinion of auditors and any other observations they made during the audit.
In fact, the management, along with the auditors should make a foolproof plan pertaining to the audit process, and how subsequent value can be added in the audit process to mitigate these risks altogether.

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    Statutory audit, also known as financial audit, is one of the main types of audit which is to be done as per the statutes applicable to the entity. Its primary purpose is to gather all relevant information so that the auditor can give his opinion on the true and fair view of the company’s financial position as on the balance sheet date.
    By: generaldo|||||||||
    In general, a statutory audit is conducted by examining bank accounts, financial statements, transactions, bookkeeping records, ledgers, and other critical documents that are submitted for tax purposes and Govt requirements. But it can also include business operations-related documents such as invoices, purchase orders, bills, challans, and more.
    By: edbenz|||||||||
    A statutory audit is an examination of an entity's financial records in accordance with the requirements of a government agency. A number of organizations must undergo statutory audits, including banks, brokerage firms, insurance companies, and municipalities.
    By: chanotb|||||||||
    Statutory audit, also referred to as financial audit, is a type of audit that follows the statutes or laws of a specific jurisdiction. The primary goal of statutory audit, as with all other types of audit, is for auditors to obtain audit evidence and reach conclusions about the financial statements.
    By: allisonnaut|||||||||
    Advantages of Statutory Audit: Increases the legitimacy of the financial reports as the statements are accurately verified by the auditor. Improves the credibility of the organization because when the audits have been conducted the financial reports are free from error, fraud and misrepresentation, and inaccuracies.
    By: Buddy_Gav||||||||| - 2022
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