The framework for the statutory audit

The purpose of the statutory audit is to provide an independent opinion to the shareholders on the truth and fairness of the financial statements, whether they have been properly prepared in accordance with the Companies Act 2006, and to report by exception to the shareholders on the other requirements of company law such as where, in the auditors’ opinion, proper accounting records have not been kept. Directors are delegated responsibility for managing the affairs of the company and the audit is an important mechanism that helps owners of companies assess the stewardship of directors, and in so doing provides an important stimulus for directors to place a proper emphasis on their fiduciary responsibilities.

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