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. It is a type of audit which is mandated by a Statute or Law to ensure true and fair view of the book of accounts of a Business. It is an examination of an entity’s financial records in accordance with the requirements of a government agency.
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