What is Statutory Audit?
A statutory audit is an audit that is recommended by diverse rules like the Reserve Bank of India, Income Tax, Companies Act, and so on. A Chartered Accountant needs to direct numerous audits according to the diverse statute requirement. Statutory Audit of banks is obligatory. The Procedure of Statutory Audit The Statutory Auditors ought to guarantee that the audit report given by them complies with the necessities of Revised SA 700 – Producing an Opinion and making a report on financial statements, SA 705 – Modifications to the assessment in the Independent Auditor's Report, and SA 706 – Emphasis of issue passages and other issue sections in the Independent Auditor's Report. These days, every single statutory examiner is given a time allotment wherein they need to embrace the audit of the branches that are distributed to them. An auditor ought to quickly acknowledge the appointment and send a conventional communication to the branch, and all other data that he would requir...