Statutory Audit

The purpose of a statutory audit is the same as the purpose of any other type of audit: to determine whether an organization is providing a fair and accurate representation of its financial position by examining informationsuch as bank balances, bookkeeping records and financial transactions. Being subject to a statutory audit is not an inherent sign of wrongdoing. Instead, it is often a formality designed to help prevent such activities, such as the misappropriation of funds, by ensuring regular examination of various records by a competent third party. The same also applies to other types of audits.

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