Statutory Audit
A statutory audit is an examination of an entity's financial records in accordance with the requirements of a government agency. A number of organizations must undergo statutory audits, including Banks, brokerage firms, insurance companies, and municipalities. These entities must undergo statutory audits because they are subject to a certain amount of governmental oversight. The scope of each of these audits is set by the government agency that is requiring it, so the outcome may not necessarily conform to the requirements of generally accepted auditing standards. The intent of these audits is to find out if a targeted business is producing fair and accurate financial statements; this is done through a detailed review of their bookkeeping records and supporting source documents.
Non statutory Audit
A non-statutory audit is a form of audit which is not legally required. Statutory audits mainly focus on financial activities whereas a non-statutory audit is not limited to financial reporting. Non-statutory audits can be used for any part of an organization. Our BD audit specialists can offer an insight into several areas, such as:
- Operations
- Management
- Human Resource
- Client Satisfaction