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It is the process of reviewing and verifying an organisation's business but there is no statutory (legal) obligation to perform such an audit. It is normally meant to assess and improve the performance of the company.
A statutory audit is one required by law whereas a non-statutory audit is voluntary. For example, here in South Africa, the companies act (which governs the laws pertaining to companies) does not require all companies to perform an audit. A public interest score is calculated which basically shows the impact the business has on the community in which it operates. Given the score calculated a company may be required to have an audit, a review or neither performed by law.
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