Statutory Audit
/ˈstætʃəˌtɔːri ˈɔːdɪt/
Definitions
- (n.) A legally mandated examination of a company's financial statements to ensure accuracy and compliance with applicable laws and regulations.
The company underwent a statutory audit to comply with financial reporting requirements.
Forms
- statutory audit
- statutory audits
Related terms
See also
Commentary
Statutory audits are typically required by law for certain classes of companies to promote transparency and protect stakeholders.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.