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Difference between Statutory Audit and Internal Audit
1. Statutory Audit is done by the Practicing Chartered Accountants having their operations external to the Company whose audit they are performing Whereas Internal Audit can be done by the employee of the Company. He need not be Chartered Accountant. However a Company can appoint an independent outside firm of CA to do its internal audit.
A Statutory Auditor of the Company can not be its Internal Auditor
2. Statutory Audit is done annually to form an opinion on the financial Statement of the Company i.e. whether they are showing the true and fair views of the affairs of the Company or not Whereas Internal Audit is done basically to detect and prevent errors and frauds.
3. Statutory Auditors are appointed by the Shareholders of the Company in its Annual General Meeting Whereas Internal Auditors are appointed by the Management of the Company.
4. As per Companies Act, 2013, Statutory Auditors are appointed by filing e- Form -ADT-1 with Registrar of Companies Whereas Internal Auditors are appointed by filing e-Form MGT-14 with ROC.