Stakeholders such as creditors, lenders, credit agencies, customers and employees may
claim an interest in the audit. Some contracting parties may be forced to enter into
separate contracts because the statutory audit is not deemed suitable for their purpose.
Other contracting parties may want the ability to commission an audit for a particular
non-statutory purpose. However, in these circumstances this is unlikely to be a statutory
audit which raises issues about the ability to apply global, principles-based auditing
standards to different audits where the purpose of the engagement may vary.