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A statutory audit is a legally mandated review of the accuracy of a company’s or organization’s financial statements and records. It ensures compliance with applicable laws and regulations and provides assurance to stakeholders about the financial health and integrity of the entity.
An internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Audit support services provide assistance to organizations during the audit process, ensuring that the audit is conducted smoothly and efficiently. These services can be offered by external consultants or specialized firms and are designed to help organizations prepare for, manage, and respond to audits.