Statutory audit and internal auditor

No internal auditor of f.y. 20-21 cannot become a statutory auditor of f.y. 21-22

Statutory Audit is done annually to form an opinion on the financial Statement of the Company i.e. whether they are showing the true and fair views of the affairs of the Company or not Whereas Internal Audit is done basically to detect and prevent errors and frauds.

Whether an internal audit has been carried out or not, statutory audit is done that comments on the effectiveness of the financial statements of the company. ... While internal auditors are appointed by the management of the company, statutory auditors are appointed by the shareholders of the company.