Independent Statutory Audit is the whole process... Audited Financial Statement is the Product...
Statutory Audit = Statutory Audit on the Company records (Ie. Checking the secretarial files and records). <Auditor like to call "stat audit" for short, which eventually confuse all juniors and there on passed to those who do not UNDERSTAND THE CONCEPT OF INDEPENDENT AUDIT. > This work done is to ensure that the Company keep its records in Accordance to the Companies Act.
Directors Confirmations's is actually a Blank Form passed on to each director in which they have to declare their Shareholdings, remunerations and any other related service provided to the Group during the year.
This form is actually has to be completed by the Directors themselves.. <But auditors mostly done the work by typing everything in. and ask them sign.. and the Directors will mostly sign blindly just to comply without checking the figures correct or not>
The form is actually another source to tied the amount back to the Financial Statement (Remuneration) and Company Records (shareholdings).
In audit, the more source tied back to an item, the more reliable the items is. <Audit evidence- another topic which can go on for pages>
"Statutory audit is equal to director confirmation right?" NO
WOW, thanks for the explanation, Richard831.
I believe you are an auditor. Are you still working in audit firm or in commercial firm.
Really appreciate your efforts.