Statutory Audit |
| Statutory Audit has vital importance from the view point of all the stake holders of an organization. The law has made it mandatory for all those businesses or profession entities who fulfill certain conditions to get the books of accounts and financial statements audited periodically from designated professionals. |
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| On the other hand the management of an organization carries out the audit of certain functions of the business voluntarily in the best interest of the organization. |
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| Therefore , Audit, in other words, assessment, critical appraisal of actions and transactions helps to improve the efficiency, productivity, accuracy, quality of the products, services, machinery and of course men. |
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| If you look at audit from statutory compliance point of view you may find it as a boredom and post mortem job. However if you take it up as a tool for improvement it becomes a value addition exercise for a business. |
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| Statutory Audit by Law |
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| Concurrent Audit for banks |
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| Internal Audit for internal control system |
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| Performance Audit for promotion, incentives |
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| Management Audit for critical appraisal of decision making. |
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| Periodical Audit or Continuous Audit helps to improve on regular basis and results in better efficiency and productivity. |
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| A Chartered Accountant is always engaged to be for dual purpose the very first compliance of statutory obligations and second andmost important value addition exercise. |
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| At once we prefer to be a concurrent auditor than to be a statutory auditor under any law. |
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