What is the difference between statutory audit and private audit?

A legally required review of the accuracy of a company's or government's financial records. The

purpose of a statutory audit is the same as the purpose of any other audit - to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions

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 Correct Answer is Statutory Audit is Compulsory as per statute and private audit is optional.