This view of the statutory audit has other important consequences.

Statutory audit is a very important subject for Europe.

Nevertheless, some baulked at the idea of having to take on what was perceived as a statutory audit role.

And, in practice, the external auditor will take account of this in carrying out the statutory audit.

Madam Commissioner, it is difficult to add anything else to what the previous speakers have said in regard to the importance of the statutory audit.

As noted in our prior correspondence concerning this matter, the information we are seeking is clearly within our statutory audit and access authority.

The office has substantial authority with a tradition quite apart from the statutory audit of a PLC.

Planning of the model audit, as for a statutory audit, is vital to mitigating risk, and thus this needs to be undertaken by senior staff.

For too long the big firms in particular relied on the cosy requirement of a statutory audit to ensure their bread was generously buttered.

It is important not to conclude from this analysis that the statutory audit of a PLC is only concerned with financial statements.

The statutory audit of the Health Authorities is now under the Audit Commission's responsibilities.

Definition of 'Statutory Audit' A legally required review of the accuracy of a company's or government's financial records.

These subsections have been interpreted by the Public Accounts Committee (1980, vol.1, pp. x-xi) to mean that the statutory audit consists of:

In order to modernise statutory audit, the revised directive will clarify the duties of statutory auditors, their independence and their ethics.

Restricting auditors' responsibilities just to shareholders, it says, inadequately reflects the wider role of audited financial statements and brings into question the need for a statutory audit.

For example, the Government is consulting on reducing the number of UK SMEs and subsidiaries required to undertake a statutory audit.

ACRA's role is to achieve synergies between the monitoring of corporate compliance with disclosure requirements and regulation of public accountants performing statutory audit.

Regularity audit or Statutory audit, which is a Financial audit of the financial reporting or budget reporting of the audited entity.

In general, it is fair to say that the legally-sensitive nature of the statutory audit has tended to encourage the auditing profession to deflate shareholders' expectations of audit.

I am therefore pleased to see that the rapporteur agrees with the main elements of the reform which I have set out in the proposal for an eighth directive on statutory audit.

It is estimated that 100 000 companies are not receiving a statutory audit in Italy, which puts in danger the reliance which can be placed on the accounts of these particular companies.

The Chancellor's aim is to reduce the administrative burden on small businesses, and the reform will be accompanied by a document examining the need for the statutory audit for small incorporated businesses.

The consultative document on the need for the statutory audit for small incorporated businesses will be issued shortly by Michael Heseltine, president of the Board of Trade, the Chancellor said.

Furthermore, The Canadian branch of ACCA is pursuing recognition for statutory audit purposes in the province of Ontario under the province's Public Accounting Act of 2004.

Not only the Fourth Directive for accountancy, which has been mentioned, but the Seventh Directive too and the Bank sector and Insurance directives refer to the function of the statutory audit.