Statutory Audit: process, approvals and handover explained

Statutory audit is independent assurance, not a substitute for management preparing its accounts.

Tell the adviser whether this is a new engagement, a transfer from another provider or a correction of earlier work. Identify open questions and the decision-maker who can approve assumptions and provide missing evidence.

Agree the applicable framework, audit timetable and evidence requests while preserving auditor independence.

The steps below describe the existing service workflow. Confirm their applicability and current portal requirements before acting; the order and supporting evidence can change with the entity or case.

Approve key facts and calculations before a filing or report is finalised. Ask for a readable explanation of assumptions, unresolved differences and any choices with continuing consequences. For assurance work, management preparation and independent professional judgement remain distinct.

What evidence must management prepare and which independence restrictions affect other services?

Trying to resolve major accounting gaps only at audit sign-off can delay reporting.

A useful status update names the outstanding item, its owner and the next action. Missing records, portal queries and third-party review can affect completion. Avoid treating an indicative service timeline as a guaranteed regulator decision.

Keep signed financials, issued reports, management representations and an action log for findings.

Confirm future responsibilities and record-retention arrangements in writing. Keep a copy of the final deliverables and know who controls access. If work continues monthly, agree the next reporting or compliance cycle before closing the current one.