• If the company is publicly traded on the stock market or exchange • If the firm comes under the purview and protection of the Securities and Exchange Commission (SEC).
The purpose of an auditor's statement is to form the document's logical confidence that a company's business reports are free from fault. along with balance sheets, loss and profit statements, and administrator’s reports, auditor's reports structure a part of a company's lawful accounts.
The auditor shall prepare a statement to the members of the organization on the accounts and financial reports reviewed by them. The auditor provides the report after taking under consideration the requirements of the companies Act, the accounting standards, and auditing measures.
If an audit company isn't required, then it might be the ability of the lead or chief auditor to approve the cover letter or audit statement to support its content. As you're conscious, the audit statement is a report back to document the audit outcomes.