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Audit under statute refers to the legally mandated examination of financial records, accounts, and statements of an entity as required under applicable laws or regulations. It ensures that the financial reporting of a business or organization is accurate, transparent, and in compliance with statutory provisions. This audit is conducted by an independent auditor appointed under the relevant law and includes verification of books of accounts, supporting documents, internal controls, and financial disclosures. The objective is to provide a true and fair view of the financial position while ensuring adherence to legal and regulatory requirements.
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