What is a Statutory Audit?
A statutory audit is a legally required examination of the financial records of a company or government body. It is conducted by an independent Chartered Accountant to provide an unbiased opinion on whether the financial statements present a true and fair view.
What is an Internal Audit?
An internal audit is an independent, objective assurance and consulting activity designed to add value and improve the organisation's operations. It evaluates risk management, control, and governance processes.
Key Differences
| Aspect | Statutory Audit | Internal Audit |
|---|---|---|
| Mandate | Legally required | Optional (or as per board requirement) |
| Conducted by | External CA | Internal team or external firm |
| Purpose | Financial accuracy | Operational efficiency and control |
| Report to | Shareholders/Regulators | Management/Board |
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