Statutory Audit
Assurance over information in Financial Statements help to navigate complexity & brings transparent information to investors & stakeholders.
Reporting
Assessment
A statutory audit is an independent assessment of the financial accounts of a company or institution. The purpose is to determine whether a company is providing an accurate representation of its financial situation by examining the information, such as books of account, bank balance, and financial statements.
The auditors role is to report on whether the financial statements issued by an organization are true and fair and meet all relevant guidelines or legal requirements. This in turn allows companies to guard against risk and plan for the future. Statutory audits must be completed by qualified Chartered Accountants who are independent. Further, the report prepared by the Auditor on his/her findings must be presented in the format prescribed by the Regulator.
After meeting certain requirements small companies are exempt from getting statutory audit and certain companies, whatever their size, are always subject to a statutory audit in order to ensure transparency and efficiency. These include:
- Banks or investment firms.
- Insurance companies.
- Brokerage firms.
- Public companies.
Lex Koterie LLP, work hard to provide an exceptional audit service, developing a deep understanding of individual businesses, and offering proactive advice and insight that goes beyond the basic requirements.
Our aim is to have as minimal impact as possible on day-to-day client’s business while maintaining a thorough approach that will include:
- Inspecting documents,
- Re-performing calculations,
- Sending questionnaires, surveys, checklists and
- Reviewing and reporting on controls and systems.
Ultimately this is a positive process that helps ensure best practice and future growth of an organization.
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