Statutory audit
This is a typical reasonable assurance engagement that is required for the auditor to express an unmodified or otherwise audit opinion.
This must be done at least once a year but can also be done quarterly, six-monthly, or as often as management deems appropriate under the circumstances.
Under current legislation, Close Corporations and non-audited Trust are not subject to a statutory audit. This, however, does not apply if a financial institution and/or regulatory authority requires audited financial statements from such a Close Corporation or Trust.