Internal audit vs statutory audit – difference?

[xavier]

Need a clear comparison of internal audit vs statutory audit.

 

[Shane Warne]

Internal audit is done on internal control and efficiency whereas the statutory audit is done by law to verify that the financial statements are in compliance.

 

[Jaxon]

Internal audit is an internal, continuous review to improve controls and efficiency. Statutory audit is a legally required, independent examination of financial statements to ensure accuracy, compliance with laws, and fair presentation for stakeholders and regulators.

 

[John Smith]

Internal audit focuses on improving internal controls, risk management, and operational efficiency within an organization. It’s optional and conducted regularly. Statutory audit is legally required, performed by external auditors to verify financial statements and ensure compliance with laws and accounting standards.