How you do statutory audit?

A statutory audit involves a systematic examination of a company's financial statements and records by an independent auditor to ensure compliance with legal and regulatory requirements. The process typically includes planning the audit, assessing risks, evaluating internal controls, performing substantive testing, and gathering sufficient evidence to form an opinion on the financial statements. The auditor then issues an audit report, which expresses their opinion on whether the financial statements present a true and fair view of the company's financial position. Finally, the auditor communicates findings and recommendations to the management and stakeholders.