By Statutory Audit we mean audit required under statute or the incorporating act e.g. the audit of company incorporated under Companies Act 1956 /2013 will be Statutory Audit.

A legally required review of the accuracy of a company or government financial record’s. The purpose of a statutory audit is the same as the purpose of any other audit to determine whether an organization is providing a fair and accurate representation of it’s financial position by examining information such as bank balances, bookkeeping records and financial transactions is called Statutory Audit.