Our ServicesVoluntary AuditsCompanies who are exempt from statutory audit can still benefit from a voluntary audit or some form of financial review. Some small companies may now be exempt from having an external audit, but must still prepare annual accounts in accordance with company law and the financial reporting standards. A voluntary audit may be desirable when:
- There is an outside shareholder not involved in the running of the business.
- There are loan covenants or other agreements with lenders that require an audit. Banks usually call for audited accounts as a condition of an overdraft facility.
- Management wants the assurance of audited accounts when dealing with potential finance-providers or purchasers.
- Key suppliers or business partners want assurance of the company's financial health.
- All shareholders contribute funds - as in a 'flat management' company - and want assurance that they have been properly used.
- Customs & Excise and the Inland Revenue may be unwilling to accept unaudited accounts.
A voluntary audit provides all the same assurances and opportunities as the compulsory version. It produces the same report and is carried out to the same standards and under the same regulations, which are largely designed to protect the interests of outside investors. Contact us
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