• Audit which is compulsory by the Statue/ Law is called as Statutory Audit i.e. Statue Based Audit.
  • It is a legally required review of the accuracy of a company’s or government’s financial statements, documents and records & submit the Audit Report to Shareholders/Members.
  • This Audit is performed by Chartered Accountant in whole time practice.
  • Audit Scope, Rights, & Duties of auditor is determined by statute /Act, It can’t be restricted by client.
  • This Audit is conducted Once in a year.
  • Examples:  Audit of Companies, Banks, Government Companies, Banking Companies, NBFC, Trust, CO-Operative Societies etc. where it is required as per governing statute.