You can consider these points to understand the differences between Statutory audit and internal audit.

Statutory Auditor

1. The extent of the work undertaken by statutory auditor arises from the responsibility placed on him by the statutes.
2. The approach of this auditor is governed by his statutory duty to satisfy himself that the accounts to be presented to the shareholder show a true and fair view of the financial position.
3. This auditor is responsible directly to the shareholder.
4. External auditor is not the employee of the company so he has independent status.

Internal Auditor

1. It is statutory requirement too as per section 138 of the Companies Act, 2013 there the Audit Committee of the company or the Board shall, in consultation with the Internal Auditor, formulate the scope, functioning, periodicity and methodology for conducting the internal audit.
2. The approach of this auditor is with a view to satisfy that the accounting system is efficient, so that the accounting information presented to the management is accurate and discloses material facts.
3. This auditor is responsible to management.
4. If internal auditor is an employee of the company. He cannot enjoy independence that statutory auditor has.