Financial statements of the organization are verified by the shareholders to ensure that the organization is following all the specified rules and regulations. This type of verification is known as statutory audit and the officials who perform this kind of audit are called Statutory Auditors. These auditors analyze the financial statements of the concerned organization and submit the reports to its shareholders. Thus the Statutory Auditors play a crucial role in eradicating the corruption prevailing in various organizations.

Qualifying Exam

Those who aspire to become a Statutory Auditor should complete the Chartered Accountancy course after qualifying the three exams. Common Proficiency Test (CPT) is the first level of the course conducted to get admission to the Integrated Professional Competency Course (IPCC) level. Once they qualify this exam, they can write the final Professional Competency exam of Chartered Accountancy course. Those who want to get into the government service should qualify the exam conducted by the concerned government body.

Who are eligible to apply?

Those who possess senior secondary education are eligible for the Common Proficiency Test while graduates can pursue the Integrated Professional Competency Course without qualifying the Common Proficiency Test. Only graduates can write the second and final exams of Chartered Accountancy course. One can join any firm as Chartered Accountant after completing the Chartered Accountancy course. After getting adequate experience as a Chartered Accountant, one can apply for the post of Statutory Auditor. Private auditing firms hire the service of experienced auditors. In that case, candidates should have considerable experience as a Statutory Auditor.

Key elements in the process

• Complete the Chartered Accountancy course
• Practice as a Chartered Accountant in any firm
• Get into the job of Statutory Auditor

Skills required for a Statutory Auditor

Good communication abilities are essential for a Statutory Auditor to accomplish their assigned task effectively. They should have good logical and reasoning abilities to carry out verification of the financial statements. They should have the ability to manage their subordinates and achieve the target in time. Other indispensable skills required for the Statutory Auditor are Numerical skills, IT skills and Problem Solving skills.