A Statutory Audit is a legally required check of the accuracy of the financial statements and records of a company or government.
A statutory audit's purpose is to:
- Verify that the financial statements are free from material misstatements
- Give a true and fair view of the company's financial position
- Determine if funds were handled properly
- Ensure that all required records and filings are accurate
- Determine whether an organization provides a fair and accurate representation of its financial position