Question

The primary duty of an _____is to detect the error and frauds while in ________the main objective is to report whether financial statements have been drawn up in conformity with law and they show true and fair view of the state of affairs and operating results.

• A. Statutory auditor, internal audit
• B. Internal auditor, statutory audit
• C. Internal auditor, internal check
• D. None of the above.

Answer 1

The correct option is B Internal auditor, statutory audit

The role of Internal auditors is specific to make the internal control procedures so that frauds and errors gets minimized.

The main objective of statutory auditor is ensure that all legal compliance are done by the company and financial statements are prepared by following the prevailing tax laws. Statutory Auditor need to ensure that financial statement are representing the true and fair view of financial position.