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of <h1>Statutory Auditor Cannot Be Internal Auditor to Ensure Independence and Objectivity u/ss 224 and 227.</h1> A statutory auditor of a company cannot also serve as its internal auditor. The internal auditor is an employee appointed by management, while the statutory auditor is appointed by the company under section 224 and must perform duties outlined in section 227. The statutory auditor's role includes assessing the adequacy of internal controls and audit systems, which would be compromised if they were also the internal auditor. Therefore, to maintain independence and objectivity, the same individual cannot hold both positions.
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