The statutory audit of your accounts, carried out independently.
Statutory audit
Some companies are required to appoint a statutory auditor. The engagement is to certify that the financial statements are proper and fair, and to report on them to the shareholders. It is governed by law and by professional standards, and it requires strict independence from the company being audited.
What the engagement covers
The statutory auditor checks that the annual accounts give a true and fair view of the assets, the financial position and the result. Internal control is assessed to the extent that it bears on the preparation of the accounts, significant transactions are tested, and the information given to shareholders is verified.
- Understanding the entity and its environment
- Assessment of the risk of material misstatement
- Testing of significant balances and transactions
- The specific verifications required by law
Independence is not a formality
A statutory auditor cannot audit accounts that they prepared themselves. Where we act as auditor of a company, we do not keep its books, and the reverse holds too. That separation is what gives the report its value: certification means something only when the person signing has nothing to defend.
The report
The engagement concludes with a report to the general meeting expressing an opinion on the financial statements, together with a special report on related party agreements where applicable.
Contact
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