Statutory auditor is a person or entity with an auditing role, whose appointment is mandated by the terms of a statute.
Statutory auditor or external auditor in India
In India, the term “statutory auditor” refers to an external auditor whose appointment is mandated by law. A “statutory audit” is a legally required review of the accuracy of a company’s or government’s financial records.
Appointment of statutory auditors as per companies act 2013
Appointment of Auditors of a government company
purpose of a statutory audit
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