Every company keeps the details of their financial transactions for future use. These financial statements prepared by the accountants are verified during the statutory audit and internal audit. Statutory Audit is conducted to ensure that all the financial details of the company are perfect without any scam. Reports regarding this audit will be submitted to the shareholders. Internal Audit is conducted by the management itself to ensure that they are following the specified rules and regulations. Statutory Auditor performs the statutory audit while Internal Auditor is responsible for doing the internal audit.

Statutory Auditor and its opportunities

Statutory Auditors are usually employed in the National Audit offices. It is their responsibility to perform mandatory audits in governmental bodies and public sector companies. They also perform audit in certain private companies for its shareholders.

There are private firms which offer statutory audit service to the required clients. Statutory Auditors can look for lucrative opportunities in these firms. Several companies are hiring experienced statutory auditor for the managing the auditing related works. Director Statutory Auditor belongs to such kind of job profile offered by various organizations for independently handling the statutory audit.

Internal Auditor and its opportunities

Internal Auditors can find lucrative opportunities in the private accounting firm which performs internal auditing for the companies. They can also work in the accounting department of various private companies. High profile organizations employ only experienced internal auditors having exceptional skills in verifying the financial documents. They can specialize in certain fields according to their experience and interest.

Key difference between Statutory Auditor and Internal Auditor

• Statutory Auditors are appointed by the shareholders of the concerned company while the Internal Auditors are appointed by the company itself.
• Statutory Auditors must be a chartered accountant while no such qualifications are prescribed for an Internal Auditor

Even though both of them do the same job, objectives specified for them are different. Statutory Auditors work for the shareholders and give their audit reports to them. Internal Auditors submit their audit reports to the company as they work for the sake of the company. Statutory Auditors can be removed only with the consent of the government while Internal Auditors can be removed by the company.