Hi,

There are legal requirements for certain companies to have statutory audits. Simplistically, the aim of this process is to assess whether a companies financial statements give a true and fair view of its financial performance and position. This is all to facilitate effective decision making for the users of the financial statements.

Through providing a independent and external view on internal systems and controls areas for improvement can be identfied helping contribute to the future success of the business by helping prevent or deter material fraud or error.

Having a robust external view helps provide credibility to the financial statements produced. This helps instil confidence in the market helping companies obtain finance, sell the business etc. and thus help clients achieve their goals.

Uncertainty is a buzz word at the moment and rightly so, external assurance helps breed confidence. This independent review of the financial statements can provide transparency to users of the financial statements again support the long-term performance of the business.

I hope this answers your question, but if you need anything else please don’t hesitate to get in touch.

06 April, 2020 10:25