How do you do a statutory audit?

A statutory audit involves a systematic examination of an organization's financial statements and records to ensure compliance with legal requirements and accounting standards. The process typically includes planning the audit, assessing risks, gathering evidence through various procedures (such as inspections and confirmations), and evaluating the effectiveness of internal controls. After reviewing the findings, the auditor prepares a report summarizing their findings and expressing an opinion on the accuracy and fairness of the financial statements. Finally, the report is submitted to the relevant regulatory authorities and stakeholders.