Statutory audit is the clean legal line in the sector. Under the Companies Act 2006 (Part 42, with Schedules 10 and 11), only a person or firm that is eligible may sign a statutory audit opinion. Eligibility means: belonging to a Recognised Supervisory Body (RSB) that monitors and disciplines its registered auditors (Schedule 10); holding an appropriate audit qualification awarded by a Recognised Qualifying Body (RQB) (Schedule 11); and the firm being registered as a statutory auditor with its RSB, with named individuals approved as Responsible Individuals. Oversight sits with the Financial Reporting Council (FRC) as the UK competent authority for audit, which delegates day-to-day supervision to the RSBs and retains direct oversight of the largest (public-interest-entity) audits. The load-bearing distinction for verification: being a chartered accountant is not the same as being a registered statutory auditor — “accountant” is unprotected, but “statutory auditor” / “registered auditor” is legally restricted.
Sources & verification
- Statutory audit is a restricted, regulated profession: only an eligible person or firm may act as a statutory auditor, via belonging to a Recognised Supervisory Body and holding an appropriate audit qualification (Companies Act 2006 Part 42, Schedules 10 and 11) — source, verified 2026-06-10
- The Financial Reporting Council (FRC) is the UK competent authority for statutory audit and delegates day-to-day supervision of registered auditors to the Recognised Supervisory Bodies — source, verified 2026-06-10
Verified reference information — not professional, medical, legal or careers advice. Regulations change; always check the cited primary source before relying on it.