Statutory assurance is an audit or review you’re legally required to have — driven by a licence, size threshold or regulator, with a prescribed standard and outcome. Voluntary assurance is one you choose, usually to give a bank, investor, buyer or board confidence in your numbers. Same rigour available in both; the difference is who’s asking and whether you have a choice.
What it depends on
Where judgement stays human: Matching the type and level of assurance to what’s actually at stake is judgement — over-scoping wastes money, under-scoping fails to give the comfort someone needs.
Statutory work is defined for you: the trigger, the scope, the standard and the report are set by law or regulation, and you engage an appropriately registered auditor to deliver it. Your discretion is limited to getting it done properly and on time.
Voluntary assurance is scoped to a purpose — a lender wanting comfort, a buyer in due diligence, a board wanting an independent check. Because you choose the scope, the value is in aiming it precisely at the decision it needs to support.
Matching the type and level of assurance to what’s actually at stake is judgement — over-scoping wastes money, under-scoping fails to give the comfort someone needs.
No question is silly, and there's no judgement about where things are at. Tell us what is different about your situation and a CPA will reply personally — usually within one business day.
Reviewed by Graham Chee FCPA (TPB registered tax agent, RAN 15375009) on 1 September 2026.
Trust & Assurance · general information current as at 1 September 2026. This is general information only, not personal financial, tax or legal advice.