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A: The requirement for a statutory audit varies depending on the country, size, and type of company. Generally, large and publicly listed companies are required to have a statutory audit, while smaller companies may be exempted. Regulatory bodies, such as the Securities and Exchange Commission, may also require certain companies to have a statutory audit.
A: A statutory audit must be performed by an independent and qualified auditor or accountant who is licensed to perform such audits in the relevant jurisdiction. The auditor must be impartial and objective, and must not have any financial or other interest in the company being audited.
A: A statutory audit can provide several benefits to a company, including:
A: The length of a statutory audit depends on the size and complexity of the company being audited, as well as the scope of the audit. Generally, a statutory audit can take anywhere from a few weeks to several months to complete.
A: A statutory audit is required by law or regulation, while a non-statutory audit is conducted voluntarily by a company to gain insight into its financial position and performance. Non-statutory audits may be performed for a variety of reasons, such as due diligence for a merger or acquisition, or to provide assurance to investors or lenders.