Statutory audit

The company is said to be organisation of shareholders. But they cannot participate in day-to-day management of the co....due to it, it becomes the responsibility of Board of Director to inform them regarding the position of co. For this very purpose, they prepare their financial statements and get it checked by recognised professional,i.e.Chartered Accountants, as statuory auditor. He verifies the documents and financials which in turn is presented to shareholders in AGM. now wat i want ot say is any company can get it statutory audit done but it's compulsory for companies having share capital.