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A query

kesha (...) (218 Points)

02 September 2012

Hello friends ...

can someone please explain the meaning of statutory audit ?

thanks in advance..!!

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*JaiNitH KuMaR* (*Aspire Then Inspire* !!) (217 Points)
Replied 02 September 2012

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 fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions...

For example, a state law may require all municipalities to submit to an annual statutory audit examining all accounts and financial transactions and to make the results of the audit available to the public. The purpose of such an audit is to hold the government accountable for how it is spending taxpayers' money... :)

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