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Statutory and voluntary audits explained
Auditing can be done voluntarily. This means that the entity's management is not mandated to engage an external auditor. However, an audit might be mandatory. In this case, certain laws or statutes request for it to be done. In this article, we differentiate statutory from voluntary audits.
Read: http://www.accountingwired.com/2024/08/statutory-and-voluntary-audits-explained.html