This document discusses statutory audits, including planning, execution, reporting, and closing. It defines a statutory audit as a legally required review of a company or government's financial statements and records to determine if they accurately represent the organization's financial position. The summary describes how auditors assess accounting records and transactions during execution, and that reporting involves mandatory financial and non-financial disclosures according to accounting standards. It closes by mentioning special elections corporations can make regarding their management structure.

1. STATUTORY AUDIT –PLANNING,EXECUTION,
REPORTING AND CLOSING
NAME : G.J.THARANI
STANDARD : III B.VOC FPT
SUBJECT : FOOD INDUSTRY MANAGEMENT
ROLL NO : 18VFP035

2. STATUTORY AUDIT PLANNING
 A statutory audit is a legally required check of the accuracy of the
financial statement and record of a company or government.
 A statutory audit is intended to determine if an organization
delivers an honest and accurate representation of its financial
position by evaluating information such as bank balances,
financial transactions and accounting records

3. STATUTORY AUDIT EXECUTION
 The audit execution consists mainly of the assessment and
valuation of the questions on the basis of the replies in the audit,
the determination of the audit result and the degree of fulfillment
and the rating of the audit.
 The lead auditor prepares the execution of an audit

4. STATUTORY AUDIT REPORTING
 Statutory reporting is the mandatory submission of financial and
non – financial information to a government agency.
 In many countries , international financial reporting standards
(IFRS) has replaced country – specific generally accepted
accounting principles for statutory reporting

5. STATUTORY AUDIT CLOSING
 A statutory close corporation is a special election that corporations
with fewer than 50share holders may select.
 for example the entity may elect not to have a board of directors
and instead be managed by its share holders.

6. ADVANTAGE OF STATUTORY AUDIT
 It increases the authenticity of the financial reports as the
statements are properly verified by the auditor.
 Minimize the risk of fraud in an organization
 Helps to gain the trust of shareholders, banks and government
 It helps to improve the management to perform their job efficiently.

7. DIS ADVANTAGE OF STATUTORY AUDIT
 Audits are no doubts costly reports and in the case of statutory audit
outsourcing the cost
 The conflict between the interest of audit members affect the quality
of the audit report
 Audit sampling may affect the accuracy of an audit report
 The time limit may affect the accuracy of the audit report
 The hiring of inexperienced audit staff

8. CONCLUSION
 Statutory audit increases the credibility of the business and
helps to improve the business process

9. THANK YOU…..