{"id":2632,"date":"2025-10-31T11:41:58","date_gmt":"2025-10-31T10:41:58","guid":{"rendered":"https:\/\/theauditcompany.s3.kersvers.cloud\/statutory-audit\/"},"modified":"2026-03-19T12:33:51","modified_gmt":"2026-03-19T11:33:51","slug":"statutory-audit","status":"publish","type":"page","link":"https:\/\/theauditcompany.nl\/en\/statutory-audit\/","title":{"rendered":"Statutory audit"},"content":{"rendered":"\t\t
\n\t\t\t\t
\n\t\t\t\t\t
\n\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t
\n\t\t\t<\/path><\/svg>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t
<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Our approach focuses on the company and its objectives. In this way, we provide insight into the functioning of the company and turn the audit into a valuable instrument for our clients. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

\n\t\t\t\t\t
\n\t\t
\n\t\t\t\t
\n\t\t\t\t\t

About statutory audit<\/u> of the financial statements<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tVarious stakeholders ?\nStakeholders are involved interested parties.<\/span>\n<\/span> use your financial accountability when making decisions. This financial information must therefore be reliable. To protect your stakeholders, a statutory audit is mandatory for some companies.\nCompanies that fall under this obligation must have an annual audit performed by an external auditor. Whether a company falls under the obligation for a statutory audit depends on, among other things, the size of the balance sheet total, the turnover and the number of employees. \n\nWe always start our audits with a personal introduction. In order to carry out a good and efficient audit, it is important to know a company. For this reason, we spend a lot of time preparing for an audit to gain insight into the organizational structure, relevant laws and regulations and the revenue model. \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\n\t\t\t\t\t
Read more <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

In addition, we will examine the internal organization and processes in detail.
The idea here is to make as much use of these processes as possible from an efficiency perspective, but also to jointly look at what can possibly be improved based on the current processes.<\/p>

A good example of this is the risk analysis. Often the risks relevant to an accountant are also the risks that concern the company. <\/p>

Based on the outcome of the above activities, we draw up an audit approach. When planning the execution of the audit, we ensure that the audit team consists of as many of the same people as possible over the years. This creates a well-integrated team. Given the limited turnover of our employees in recent years, this is also something that we can really deliver on. <\/p>

After the audit, we will report our findings, including the auditor’s report on the financial statements. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

\n\t\t\t\t\t
\n\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t
<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tDownload the free checklist<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t
\n\t\t\t<\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
\n\t\t\t\t\t
\n\t\t
\n\t\t\t\t
\n\t\t\t\t\t

Our audit approach consists of the following 5 phases:<\/h1>\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\n\t\t\t\t\t
1. Planning phase \u2014 insight into your organization and environment <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

In the first phase, we focus on thoroughly getting to know your organization. We collect both internal information (processes, structure, systems, previous audits) and external information (market developments, laws and regulations, industry characteristics).
This forms the basis for an efficient and risk-oriented audit. By gaining a good picture of your activities from the start, we can tailor our work exactly to what is relevant to your organization.
We also include gaining insight into your internal processes in the planning phase. We already carry out work during the planning phase regarding the design and existence of your processes, your AO\/IB. This enables us to get to know an organization quickly and well. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

\n\t\t\t\t\n\t\t\t\t\t
2. Risk analysis and audit approach \u2014 determining where material risks can arise <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

With the knowledge gained, we identify the risks that could lead to material errors in the financial statements. Think of estimation items, complex transactions or sensitivities in processes.
Based on this risk analysis, we determine an audit approach that suits your organization: focused, well-considered and proportional. In this way we create the optimal balance between audit effort and quality.
We will discuss the risks, including from possible shortcomings from the processes (ao\/ib) in advance. This is important to ensure that you understand why we carry out certain work and prevents us from possibly carrying out work that could have been more targeted.
In this respect, we see the execution of the assignment as a joint effort. We believe this is important not only to perform a good audit qualitatively and efficiently, but also this way our clients get the most added value from an audit.
We will report findings in writing in the form of a management letter and\/or auditor’s report.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

\n\t\t\t\t\n\t\t\t\t\t
3. Interim audit \u2014 testing processes and internal control <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

During the interim period (preferably during the financial year), we examine the functioning of relevant internal processes and control measures.
By determining early on whether internal control is effective, we can organize our work more efficiently and identify any points for improvement in a timely manner. This prevents surprises after the end of the year and increases the predictability of the audit process. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

\n\t\t\t\t\n\t\t\t\t\t
4. Substantive procedures \u2014 checking figures and supporting documents <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

After the end of the financial year, we perform our substantive procedures. Here we focus on the underlying transactions, figures and notes in the financial statements.
We perform detailed checks, data analyses and analytical reviews to determine whether the financial information is reliable with a reasonable degree of certainty.
We will agree with you in advance which information we need for this so that you can prepare this well in advance and there are no unnecessary delays. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

\n\t\t\t\t\n\t\t\t\t\t
5. Completion and reporting \u2014 insight, substantiation and transparency <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t<\/i><\/span>\n\t\t\t<\/i><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

In the final phase, we assess the findings of our audit and, based on this, the scope of the auditor’s report.
We report our conclusions to management and regulators and provide – once justified – our audit opinion. In addition, we discuss any recommendations so your organization can continue to professionalize.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

\n\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t
\n\n\t\t\t\t\t\t
\n\t\t\t\t\n\t\t\t\t<\/path><\/svg>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t
\n\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\n\t\t\t\t\t\t\tPersonal approach\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
\n\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t<\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\tBack<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
\n\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

Frequently asked questions<\/h1>\t\t\t\t<\/div>\n\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\n\t\t\t\t\t
What exactly is a statutory audit? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t
\n\t\t
\n\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

A statutory audit is a mandatory audit of financial statements for companies that meet certain criteria named in the law. See also our checklist. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

\n\t\t\t\t\n\t\t\t\t\t
When is my company subject to mandatory audit? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t
\n\t\t
\n\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

You are subject to mandatory audit if you meet two of the three legal criteria<\/strong> for two consecutive financial years with regard to the size of the balance sheet total, the size of the turnover and the average number of employees in a given financial year. See also our checklist. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t

\n\t\t\t\t\n\t\t\t\t\t
What is the difference between a statutory and a voluntary audit? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t
\n\t\t
\n\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

A statutory audit<\/strong> is required by law if certain criteria are met. A voluntary audit <\/strong>is an audit that does not fall under the statutory audit criteria. This does not mean that an audit is always truly voluntary. For example, the audit may be required from a subsidy. Even then, such an audit is called a voluntary audit.
Of course, a voluntary audit can also be a matter of choice. You then choose extra security for shareholders, financiers or other stakeholders. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\n\t\t\t\t\t
What can I do to ensure that the audit runs efficiently? <\/div><\/span>\n\t\t\t\t\t\t\t\n\t\t\t
\n\t\t
\n\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Good preparation helps enormously. Consider: <\/p>