Week 1 - Criteria used in a Statutory Audit

Question 1

What is the first criteria of a statutory audit?

Answer 1

Set out by law - certain companies must be audited

Question 2

What is the second criteria of a statutory audit?

Answer 2

It is reflected in audit opinion (e.g in compliance with….)

Question 3

What are the key elements of the audit opinion?

Answer 3

• true and fair (objective and free from bias)
• properly prepared in accordance with appropriate accounting framework and applicable law