Statutory auditing is disciplined by the Legislative Decree n. 39 of 2010 and follows directives from the European community. The auditing is subject to stringent quality standards and frequent controls. Businesses therefore need to approach competent and specialized firms, such as Studio Bocca when, whether by law or by choice, they decide to entrust legal control of the accounts to a board of statutory auditors or to an individual auditor.
Statutory auditing refers to all of the procedures that are capable of providing shareholders or partners with a sufficiently high level of trust in the credibility of the book value and voluntary disclosures. As a result of this, the auditor is required to be professional, ethical, independent and responsible.
In order to carry out the auditing, the company turns to a statutory auditor or an accountancy firm that periodically checks the accounts and approves them. So that the process is of legal value, the auditor has the right to access all the book-keeping documents and his opinion is provided through an appropriate report that is written before the balance sheet is approved and is discussed by the partners at relevant meetings. It is easy to understand how these steps are necessary when the partners want to protect the business and be certain of the accounts, so that they can take the correct decisions during shareholders meetings.
In order to guarantee accurate and reliable auditing, it is vital to approach experts from the profession who are able to carefully examine the accounts and identify any possible inconsistencies. All statutory auditors are required to be registered to the roll of professional auditors and they can do this providing that they hold the necessary qualifications as required by the current law.
A high level of professionalism is required as any possible negligence is attributed to the auditors. This highlights the importance of this role within the business and this is decided at a company meeting. Careful selection of the person who will take care of the statutory auditing of the business accounts and checks to ensure that they have the necessary qualifications as required by European regulations is fundamental.
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