Statutory Audits
a) It is a requirement of an Act of parliament e.g. the Companies Act.
b) The scope and objective of work is defined in the Act
c) The report is addressed to the shareholders.
d) Appointment of the auditor is stipulated in the Act (Sec.159). It can either be by shareholders, directors or registrar of companies.
e) The auditor is liable to third parties.
f) The auditor has full independence.
Wilfykil answered the question on April 11, 2019 at 08:34
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