how is statuory audit different from internal audit?

Answer 1

I would guess that a statutory audit is done in accordance to law. It's mandatory. An internal audit is done by the company or person for their own purposes.

Answer 2

Statutory audit is a mandatory external requirement which checks that the accounts present a true and fair view of the financial position.

Internal Audit is a service to management and to Council. It evaluates the effectiveness of the systems and procedures within the Organisation. The internal auditors report to the Registrar and Secretary, and the Audit Committee on the systems of governance, risk management, internal control and value for money. This means the scope of the work is much wider and covers a number of non-financial areas used within the organisation.

Answer 3

Statutory audit refers to the mandatory audit in order to certify that the annual financial statements are true and fair whereas internal audit is carried out to evaluate the internal controls and checks of an organisation.