Non-statutory Audit Services in the United Kingdom
3E Accounting’s quick read on the necessity of engaging non-statutory audit services in the UK.
All audits facilitate auditors in forming professional opinions about the financials and internal systems of a company. This helps owners, stakeholders, and shareholders to better understand a business and derive performance-enhancing value. As opposed to statutory audits, non-statutory audits are not a legal requirement. However, they are necessary as they help identify emerging risks and provide solutions. Non-statutory audit services in the UK are offered by professionals who can identify accounting issues before they become problems.
Audit Rights and Insights
A distinct advantage of getting audits done for a business is to maintain trust and promote transparency. Statutory audits are required by law but getting any sort of audit done has numerous benefits for a company. Non-statutory audits can run the gamut of a business’ operational structure and is done at the discretion of the company.
Such audits provide reports on financial as well as other aspects of how the business is performing. The audit can be done by certified internal auditors who are familiar with the company. It can also be done by certified external auditors. These carry more weight as they are done by independent auditors and provide an objective and unbiased report.
Registered and incorporated companies can get non-statutory audits done for individual organisational departments. These audits can identify weaknesses and provide solutions on how to improve productivity and efficiency. They include audits of human resource, management, inventory, operations, etc. By assessing the organisational needs in a non-regulatory appraisal, companies get an unbiased, in-depth analysis of processes.
It is ideal for companies that are looking to grow their business and want leaner systems and operations. They also come in handy for new companies that are looking to inspire shareholder and investors confidence. Non-statutory audits are useful for floatation or sale as they can procure the best price possible. They provide the added impetus of convincing creditors, bankers and suppliers that your business is compliant and trustworthy. Firms that offer non-statutory audits can customise the objectives of an audit to suit your needs.
Non-statutory audits can also be requested by stakeholders who wish to have a better understanding of a company. Usually, companies looking to raise funds or secure investors will find non-statutory audits crucial. They provide not only transparency but also an assurance that the business is legitimate, and its standards are impeccable. This is often the scenario for entities such as NGOs (Non-governmental Organisations) and charities. Having non-statutory audits available make it easier to inspire confidence in donors and investors.
There are many firms that offer non-statutory audit services in the UK. Working with professionals such as 3E Accounting has the added advantage of ensuring good practices enhanced with innovative technology. Our affiliates and partners are registered auditors who bring global industry experience and cutting-edge technology to the fore. You will get incisive insights, no-frills transparency, and timely solutions to all your business needs with 3E Accounting. Contact 3E Accounting today and speak with one of our friendly experts on the best solutions for your needs.