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Please read our Privacy Policy for more information on the cookies we use. Internationally active companies likely have subsidiaries that undergo annual statutory audits. Unlike the United States where audits are only required for public companies and certain other regulated entities while generally being optional for private companies, many foreign countries legally require most companies, including private companies, to be audited with the resulting financial statements being made available to a government authority.
A statutory audit is typically performed using auditing and accounting standards prescribed by the local government. One consideration is simply analyzing your statutory audit fees. Even when adjusting for differences in the costs of professionals in foreign countries, it might be obvious that the auditor is spending much less time with your subsidiary than would be necessary for the amount of reliance being placed on their work in the U.
What has your experience been with statutory audits? Financial Services. At Perrys, we 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 an impact as possible on your day-to-day business, while maintaining a thorough approach that will include inspecting documents, re-performing calculations, and 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 organisation. As a leading Chartered Accountants with seven branches across central London and Kent, we have many years' experience carrying out both statutory and non-statutory audits. Please contact us for in-depth advice on this subject, including whether your firm meets the government's exemption criteria.
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What is a statutory audit?
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