Executive
201 Points
Joined February 2019
A statutory audit is an audit, which is made mandatory under The Companies Act 2013. The purpose is to check the truthfulness and fairness of accounting records.
On the Contrary, Tax Audit is defined as an audit of the accounts of the taxpayer for the requirement of Section 44AB of The Income Tax Act, 1961 for assessing the correct income of the Assesee.
While internal auditors are appointed by the management of the company, statutory auditors are appointed by the shareholders of the company. Internal audit also tries to detect any anomalies and errors that may have crept in the financial statements.