Is it true that clients prefer statutory audits over independent reviews? If yes, why? And what are the factors that cause them to stick to statutory audit?

I don't know if it's a case of clients preferring statutory audits over independent reviews, but I can imagine that the negatives that come with an independent review are:

1. Increased cost
2. Time consuming
3. Disclosing private information to a third party and potentially making sensitive information public

On the other hand, the positives of a statutory audit are:

1) Assurances that the law is being followed in every aspect.
2) That the company's performance reports are a true reflection on the state of affairs.
3) That reports and records are up to date and filed correctly4) Positive steps and recommendations can be made following the audit.