Startup Solution Store | Statutory audit
EY supports you throughout the statutory audit process. We can help you navigate complex regulatory environments, improve internal controls, enhance financial transparency, and ensure compliance with relevant laws and standards.
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EY will support you throughout the statutory audit process in a lean and pragmatic way. As part of our support we will assess your internal controls, verify your financial data, confirm the existence of assets and liabilities, examine supporting documents and eventually provide an independent opinion on your company's financial statements.
A startup may organize a statutory audit for several reasons, including:
Legal Requirements: In some jurisdictions, startups are required by law to undergo a statutory audit. For example, in some countries, all companies above a certain size or with a certain level of revenue are required to undergo a statutory audit.
Investment Requirements: Investors may require a startup to undergo a statutory audit as a condition of investment. Investors may want assurance that the startup's financial statements are accurate and that the business is financially healthy.
Regulatory Compliance: Startups operating in regulated industries, such as finance or healthcare, may be required to undergo a statutory audit to ensure compliance with regulatory requirements.
Internal Controls: A statutory audit can provide startups with valuable insights into their financial reporting processes and internal controls. An audit can help identify weaknesses in these areas and provide recommendations for improvement.
Transparency and Credibility: A statutory audit can enhance a startup's transparency and credibility with stakeholders, including customers, suppliers, and investors. An audit can provide assurance that the startup's financial statements are accurate and that the business is financially healthy.
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