The study investigates into the respondents’ perception on overall objectives of an independent auditor and its impact on quality control procedure for statutory financial audit. Perceptions of 227 CAs and 146 Students pursuing Chartered Accountancy course have been collected and empirically analysed using Chi-Square Test of Homogeneity, Mann-Whitney Test, Pearson’s correlation coefficient and t test. The study finds that opinions of CAs and Students are not homogenous for the issues selected under study. However, they are not significantly different for ‘maximum audit per period’. Issues concerning ‘sufficiency and enforceability of auditing standards’, ‘cost of audit procedure’, ‘periodic audit’ significantly influence ‘quality control procedures for statutory financial audit’.