Annual statutory and tax audits are important processes that businesses undergo to ensure compliance with statutory requirements and tax regulations.
Purpose: The statutory audit is conducted to ensure that a company’s financial statements present a true and fair view of its financial position and performance.
Applicability: Statutory audits are typically mandatory for companies, as required by company laws and regulations.
Auditor Appointment: The company appoints an external auditor, usually a Chartered Accountant, to conduct the statutory audit.
