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Difference between statutory audit and internal audit

Elucidate the difference between statutory audit and internal audit?

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An internal audit is one that is conducted by the internal auditors of company. It is not compulsory for the company and the company just conducts it to keep a check on the operations of company. On the other hand statutory audit is extremely significant since it is by the external auditors and it is compulsory for all types of companies. Statutory audit is generally conducted for different reasons like tax regulatory needs it for taxation purposes.

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