Statutory Audit

Overview

The audit is an investigation of records which is carried by company, government, agency or any individual. It usually involves examining various financial records. The main motive of the audit is to assess if the funds have been handled correctly and hence all the records and filing are accurate or not or if the financial statement is representing true and fair view of the financial position at the end of financial year.

Benefits

Benefits of Statutory Audit

1. It certifies that the management has taken good care at the time of carrying  the responsibilities.
2. With the help of financial audits it becomes very easy for the small companies to get loans and all the other facilities.
3. It increases the originality and dependability of a financial statement as an independent party.

Types of Statutory Audit

The different types of audits are:

1. Tax Audit
2. GST Audit
3. Cost Audit
4. Concurrent Audit
5. Branch Audit
6. Secretarial Audit
7. National health mission mandated internal Audit
8. Stock brokers Audit
9. Company Audit