Jacqui Waring of Goringe Auditors Limited has prepared this handy guide to statutory audits: what they involve, why they matter and who needs them.
What is a statutory audit?
It’s an independent confirmation that a company’s accounts show a true and fair view, and meet all necessary accounting requirements. It started as a requirement for listed companies to give investors confidence in the company’s accounts. It is also required for certain private companies and although the audit report is addressed to the shareholders, accounts that have been audited often add confidence to lenders, customers and suppliers.
How is an audit carried out?
Once we have their draft set of accounts, companies