What is the difference between a statutory audit and an assurance engagement?

A statutory audit is a full independent examination of a companys financial statements required by law, resulting in a formal audit opinion on whether those statements give a true and fair view. An assurance engagement covers various forms of independent review, including limited assurance reviews and agreed-upon procedures, which provide a lower level of assurance than a full audit but are appropriate where a full statutory audit is not required. We advise on the most appropriate type of engagement for your situation.