Statutory audit & tax audit

 A company registered under companies act has to obtain two audit reports once stat. audit report for companies act and other Tax audit u/s. 44AB if turnover exceeds certain level. I know objectives for both the audits are different, but is it not possible to reconcile objectives for both the audit and conduct only one audit? That one audit report can be used for both Companies and I.T. Act. Through this cost of audit to be bear by company can be reduced. Is it possible?