A statutory audits is a legally required review of the accuracy of company 's financial records
THE PURPOSE of a statutory audit is the same as the purpose of any other type of audit
*Fallow the procedure s identified before accepting applications
*The case of regulated entities the auditor would obtain an understanding of the appropriate statutory and regulations require mental and preliminary knowledge of the management and operations of the entity
* On ceasing to hold offic,the auditors may be required by statue to make specified report concerning the circumstances related to that event
*In addition the auditor of a regulated entity would assess where it's then aware to the notice of the regulator
