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GLOSSARY

Statutory audit definition

What does Statutory audit mean?

For the UK definition of statutory audit see CA 2006, s 1210. Statutory audit is defined in article 2 of the Statutory Audit Directive 2006/43/EC (as amended by the Statutory Audit Amending Directive 2014/56/EU) as an audit of annual financial statements or consolidated financial statements in so far as (a) required by Union law; (b) required by national law as regards small undertakings; (c) voluntarily carried out at the request of small undertakings which meets national legal requirements that are equivalent to those for an audit under point (b), where national legislation defines such audits as statutory audits.

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