Statutory audit by the meaning of the word is prescribed by the statute under Companies Act in which auditor reports to the members of the company. Statutory audit is a legally required external audit conducted annually to meet a specific set of requirements by the regulators.
Under Bangladesh regulatory framework companies produce their financial statements in line with the requirements of:
- a) The Companies Act 1994, and
- b) Bangladesh Financial Reporting Standards (BFRS)
Companies produce financial statements that provide information about their financial position and performance. This information is used by a wide range of stakeholders (e.g., investors) in making economic decisions. Typically, those that own a company, the shareholders, are not those that manage it. Therefore, the owners of these companies (as well as other stakeholders, such as banks, suppliers and customers) take comfort from independent assurance that the financial statements fairly present, in all material respects, the company’s financial position and performance. To enhance the degree of confidence in the financial statements, a qualified external party (an auditor) is engaged to examine the financial statements, including related disclosures produced by management, to give their professional opinion on whether they fairly reflect, in all material respects, the company’s financial performance over a given period(s) (an income statement) and financial position as of a particular date(s) (a balance sheet) in accordance with Bangladesh regulatory framework.
We offer a regular audit by bringing together the right multi-disciplinary team to address the most complex issues, using an established practice and positioning the latest, high quality auditing tools and perceptions.
Our firm is well equipped and well experienced in Statutory Audit and we perform it as per the Audit Program designed for the company after assessment of their internal control.