Education and Career Forum

Hi, can you please differentiate between Statutory Audit and Internal Audit? Which is better in terms of career growth and job security? What is the job profile of each category? How can I become either Statutory Auditor or Internal Auditor?

The most obvious difference between statutory audit and internal audit are as under:

The internal auditors are appointed by the management of the company while the statutory auditors are appointed by the shareholders of the company.

Statutory audit is always carried out by certified CA auditors while it is not the necessary condition for internal audits.

Statutory audits provide a fair and impartial assessment of the financial performance while the internal audit tries to detect any anomalies and errors.