Distinguish statutory from internal audit.
Though there is an accountant in all organizations to record the financial transactions and for general book keeping, companies have to pass through an audit that is a sort of scrutiny of the financial statements of the company prepared by the accountant. This statutory audit is carried out under the provisions of the Companies Act. This statutory audit is a tool to safeguard the interests of the shareholders of the company to ensure that that the organization is performing satisfactorily financially. However, there are companies that get performed an internal audit also to ensure they are following the rules and regulations of accounting and to verify the statements prepared by accountants. There are many differences in an internal audit and statutory
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