Statutory Audit

A statutory audit examines whether the financial statements as a whole are materially misstated. It is typically commissioned at year end, but early planning helps when a business has changed accounting systems, opened new locations, made a major investment or encountered reporting issues.

How we can help

We agree the entities, reporting framework and timetable, then design procedures around the risks that could materially affect the accounts.

• Understand the business and its reporting. We review how transactions enter the ledger, how the year-end close works and where judgement or unusual activity could affect the figures.
• Gather independent audit evidence. We test selected transactions and balances, use third-party confirmations or other external evidence where appropriate, and examine support for material estimates and disclosures.
• Resolve reporting matters. We discuss proposed adjustments, significant accounting judgements and control findings with management and, where relevant, those charged with governance.

What you receive

An independent auditor’s report on the agreed financial statements, with significant control findings and recommended actions communicated separately where applicable.