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Statutory Audit


In simple terms statutory audit in India is equated with audit under the companies act. Every company incorporated under the companies act is required to get its accounts audited by a chartered accountant in practice to ensure true and fair view of the accounts. Further, the auditor has to ensure compliance with various provision of the companies act. Statutory audit ensures reliability of annual accounts of the company for various consumers of accounts of the company like government, shareholders, debtors, creditors, bankers etc.

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