https://v2.webnotes.in/tags/auditor-mf/Recent content in Auditor-Mf on WebNotesHugoen-INTue, 19 May 2026 00:00:00 +0000https://v2.webnotes.in/auditor-mf/Tue, 19 May 2026 00:00:00 +0000https://v2.webnotes.in/auditor-mf/<p>The <strong>statutory auditor</strong> for an Indian mutual fund AMC is an external CA firm appointed to audit the financial records of each scheme annually. The auditor verifies that scheme financial statements (NAV computation, holdings, income statements) accurately reflect operations and comply with Indian Accounting Standards and SEBI requirements.</p> <h2 id="role-and-responsibilities">Role and responsibilities</h2> <h3 id="annual-audit">Annual audit</h3> <ul> <li>Verify scheme financial statements.</li> <li>Confirm NAV computation accuracy.</li> <li>Verify valuation methodologies applied correctly.</li> <li>Check internal controls and operational compliance.</li> <li>Issue audit certificate.</li> </ul> <h3 id="audit-scope">Audit scope</h3> <ul> <li>Each scheme audited annually.</li> <li>Auditor reviews fund-accountant records.</li> <li>Cross-checks with custodian and AMC books.</li> <li>Verifies disclosures in <a href="https://v2.webnotes.in/mutual-fund-annual-report/">annual report</a> .</li> </ul> <h3 id="distinct-from-compliance-audit">Distinct from compliance audit</h3> <p>The statutory auditor focuses on <strong>financial accuracy</strong>. The <a href="https://v2.webnotes.in/compliance-audit-report-mf/">compliance auditor</a> (a separate auditor) focuses on <strong>regulatory compliance</strong>.</p>