An independent examination and subsequent expression of opinion on the financial statements of an organization, involving collecting evidence through compliance and substantive tests.
Audit exemption is the exemption from statutory audit by a registered auditor that can now be claimed by most small companies.
An external audit is a review of the financial statements or operations of a company conducted by an independent auditor. It serves as a key measure for shareholders to ensure the accuracy and reliability of financial information.
An overview of the standards that provide the fundamental principles and essential procedures for auditing, issued by the International Auditing and Assurance Standards Board (IAASB).
A public interest entity (PIE) refers to an institution subject to special statutory audit requirements due to the potential broader or more significant consequences of misstatements in its published accounts. This is particularly relevant within the EU regulatory framework.
A reporting accountant is responsible for providing financial information in a prospectus or reporting on small company accounts, primarily ensuring consistency with accounting records and legal provisions.
Under UK company law, a small company is a private company satisfying certain criteria related to net worth, turnover, and the number of employees.
A statutory audit is an examination of a company’s financial statements and records, as mandated by regulatory bodies to ensure fairness and accuracy.
