Why do I need a third party for preparing financial statements?

In terms of Section 90 of the Companies Act audit firms are not allowed to provide certain other services to their clients, one of these such services is preparing financial statements.

A company however can internally prepare their own financial statements; however, it often works out to be more cost effective for an entity to outsource this function as the preparation of financial statements in excel or word is time consuming, or if a programme is used a specific skill set must be had in order to be able to use the software.