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Statutory audit and internal auditor

Nishant Saki (24 Points)

25 May 2021

can a internal auditor of f.y. 20-21 become a statutory auditor of f.y. 21-22 ?

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5 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 25 May 2021

No, Internal Auditor cannot be appointed as statutory auditor

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debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 02 June 2021

No internal auditor of f.y. 20-21 cannot become a statutory auditor of f.y. 21-22

Rupa Lalaram (26 Points)
Replied 19 June 2021

No ,internal auditor can not be statutory auditor because maker checker should be different ,if internal auditor himself do auditing then there is independence examination of financial statement

Lizu Savi (12 Points)
Replied 19 June 2021

No internal auditor cannot become statutory auditor because there is threat of audit independence
it could be self interest threats or self review threats.

debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 13 September 2021

Statutory Audit is done annually to form an opinion on the financial Statement of the Company i.e. whether they are showing the true and fair views of the affairs of the Company or not Whereas Internal Audit is done basically to detect and prevent errors and frauds.

Whether an internal audit has been carried out or not, statutory audit is done that comments on the effectiveness of the financial statements of the company. ... While internal auditors are appointed by the management of the company, statutory auditors are appointed by the shareholders of the company.