Week 1 - What is a Statutory Audit Flashcards
1
Q
What is a statutory audit?
A
A specialised type of assurance of annual financial statements
2
Q
What are the key elements of a statutory audit set out by?
A
Company law, in the Companies Act 2006, and in applicable auditing/accounting standards
3
Q
Who is a statutory audit required for?
A
All companies above ‘small’ size limits
