Kinds Of Audit – Nature Of Auditingcagroupindia

a) Statutory Audit

b) Non-Statutory Audit

Statutory Audit:-

This refers to audits which are mandatory in nature.

Examples are

i. Audit of companies under law provision of company act

ii. Audit of insurance company

iii. Audit of Banking company

iv. Audit of co-operative societies

Audit to be performed by CA’s and not by any other person

Non-statutory Audit

i. These are other than statutory audits

ii. No statutory requirement for Audit

E.g. Sole trader, partnership firm

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