30 July 2010
Statutory Audits are those mandated by a statute. So by that definition even tax audit is a statutory audit.
Statutory audit (under the Companies Act) include statutory financial audit and statutory cost audit. Statutory Financial audit is conducted by a Chartered Accountant and Statutory Cost Audit is conducted by a Cost Accountant. The statutory financial audit is compulsory for all companies where as Statutory cost audit is applicable only to certain industries on fulfilling certain criteria.
Similarly Tax Audit (Section 44 AB) under the Income Tax Act is done by a Chartered Accountant.