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What work does statutory auditor do?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Pinky asked about 4 years ago

What work does statutory auditor do?

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2 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered almost 4 years ago

Auditors complete all work in accordance with best practice accounting standards and any legal regulations. The public expects the statutory auditor to have a role in protecting the interests of shareholders, creditors (e.g. suppliers, banks and credit institutions), pensioners, employees and the public generally by providing them with reassurances concerning: - the accuracy of financial statements - the going concern status / solvency of the company - the existence of fraud - the respect by the company of its legal obligations - the responsible behaviour of the company with regard to environmental and societal matters.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered about 4 years ago

Dear Friend, **1) What is Statutory Audit and who is Statutory Auditor** Statutory Audit is a legally required review of the accuracy of a company's or government's financial records. The purpose of a statutory audit is the same as the purpose of any other audit - to determine whether an organization is providing a true and fair view of its financial position by examining information and transactions are complied with the law and regulations. Objective of an audit is to enable the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework. A organisation appoints the Chartered Accountants or other qualified person as a statutory auditor to conduct the statutory audit of the the organisation.A statutory auditor is an external auditor appointed by a company to audit its books or other activities as required by law. Generally, this auditor reviews a company’s accounting practices and determines if they meet minimum requirements. **2) Role of Statutory Auditor** Auditors complete all work in accordance with best practice accounting standards and any legal regulations. The public expects the statutory auditor to have a role in protecting the interests of shareholders, creditors (e.g. suppliers, banks and credit institutions), pensioners, employees and the public generally by providing them with reassurances concerning: - the accuracy of financial statements - the going concern status / solvency of the company - the existence of fraud - the respect by the company of its legal obligations - the responsible behaviour of the company with regard to environmental and societal matters. -Factors that may increase the company's financial strength or decrease its resources, - It is useful to examine briefly the reasonableness of these expectations.

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