Annual statutory and tax audits are essential procedures that businesses must undergo to verify compliance with legal requirements and tax laws.
Objective: The purpose of the statutory audit is to confirm that a company’s financial statements accurately reflect its financial position and performance, providing a true and fair view.
Applicability: Statutory audits are generally compulsory for companies, as mandated by corporate laws and regulations.
Auditor Appointment: The company is responsible for hiring an external auditor, typically a Chartered Accountant, to carry out the statutory audit.
