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:
- Increased cost
- Time consuming
- 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.