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DEFINITION of 'Statutory Audit'
A legally required review of the accuracy of a company's or government's financial records. 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.
INVESTOPEDIA EXPLAINS 'Statutory Audit'
For example, a state law may require all municipalities to submit to an annual statutory audit examining all accounts
and financial transactions and to make the results of the audit available to the public. The purpose of such an audit
is to hold the government accountable for how it is spending taxpayers' money.
Statutory Audit Services in Chennai,Audit firm in chennai , Statutory Auditor in Chennai
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