The process of conducting a Statutory Compliance Audit involves several structured steps to ensure thoroughness and accuracy. The first step is identifying the statutory obligations applicable to the organization based on its industry, location, and business activities. This requires a detailed understanding of laws governing areas like taxation, labor, health and safety, environmental protection, and more. Next, the auditors gather and review all records, including payroll, financial statements, and employee documentation, to check for compliance with these legal requirements. The audit then moves on to verifying that policies and procedures within the organization align with the relevant laws. Finally, the auditor prepares a report, outlining any areas of non-compliance and suggesting corrective actions. By following these steps, businesses can ensure that they are minimizing legal risks and maintaining smooth operations without legal hindrances.