Darren Amott
Partner
Non-statutory audit
An audit designed to add significant value to your business
Non-statutory audit services
Strengthening financial assurance
If your business does not meet the criteria for a statutory audit, it is worth considering the benefits of a voluntary audit, otherwise known as a non-statutory audit. This type of audit provides an independent and thorough assessment of your financial records and processes. It can help identify areas for improvement in your risk management strategies, internal controls, and governance practices. By opting for a voluntary audit, you can gain valuable insights into the effectiveness of your financial operations and ensure that your organization is well-prepared for future challenges.
Who would benefit from a voluntary non-statutory audit?
A non-statutory audit is not legally required but can provide powerful insights for many businesses such as:
- Growing companies that may soon exceed the audit thresholds
- Rapid growth companies that may require raising capital from a bank or other financial institution
- Shareholders who are not involved in the management of the company may benefit from the external inspection an audit provides
- Owners that are considering selling their company
- A company that may be subject to a take-over
- Companies that are vulnerable to investigations by regulators
- Companies that require an audit to satisfy key customers or suppliers
- Companies that want to build trust and transparency with stakeholders, such as investors, lenders, and customers
- Voluntary audits help identify and mitigate risks by providing an independent assessment of internal controls and governance practices
We see many of our sectors that we work with here at Price Bailey benefiting from our non-statutory audit services:
- Healthcare: With complex billing and regulatory requirements, healthcare organisations can use voluntary audits to improve financial accuracy and operational efficiency.
- Charities and not for profit organisations: Voluntary audits can enhance donor confidence by demonstrating accountability and proper use of funds.
- Manufacturing: These audits can help identify inefficiencies in production processes and improve cost management.
- Technology: Fast-growing tech companies can benefit from audits to ensure financial stability and prepare for potential investments or public offerings.
- Retail: Voluntary audits can help retail businesses manage their inventory, reduce fraud, and improve financial reporting.
- Academies: Educational institutions can use audits to ensure proper use of funds and compliance with educational standards.
More than just an audit report
Our audits will provide you with a comprehensive management letter that includes recommendations based on the issues identified during the audit. This letter will highlight potential process improvements and system weaknesses, enabling you to use your resources more effectively, comply with regulations, and manage risks appropriately.
Additionally, these audits thoroughly examine various aspects of your business operations, including processes, inventory management, and human resources. This in-depth analysis uncovers potential obstacles to production, whether they stem from internal inefficiencies or external factors. By offering a holistic view of your operations, these audits are instrumental in streamlining processes and ultimately enhancing your bottom line.
For small businesses, non-statutory audits offer significant potential for strategic growth. Beyond pinpointing areas that need improvement, these audits reveal growth opportunities. Armed with these valuable insights, small businesses can make informed decisions, allocate resources precisely, and position themselves for sustainable growth in a competitive business environment.
Here at Price Bailey, we provide personal, tailored advice for each client
- A dedicated and consistent team to maximise the value of our relationship: Here at price Bailey, we value our client relationships and being trusted advisors.
- Partner-manager lead work: Ensuring accuracy and compliance every step of the way.
- Comprehensive quality control: We ensure that every aspect of your operations is meticulously reviewed to maintain the highest standards of quality and performance.
- A tailored approach to suit your needs: From small businesses to large organisations focused on innovation, we provide tailored support for grant audits of all sizes and complexities.
Our non-statutory audit process
Initial consultation
We begin with a detailed discussion to understand your specific requirements and objectives for the audit and define the scope of the audit, including the areas to be reviewed and the depth of the examination.
Planning and preparation
We create a comprehensive audit plan tailored to your business, outlining the procedures and timelines and request relevant financial records, operational documents, and other necessary information.
Analysis of the data
Our auditors collect and analyse data from your financial records, processes, inventory management, and human resources. We assess risks related to financial management, internal controls, and governance practices and then evaluate the efficiency and effectiveness of your business processes, identifying areas for improvement.
Reporting
Our Partners and Managers provide a detailed management letter that includes recommendations based on the issues identified during the audit. We ensure comprehensive quality control by meticulously reviewing every aspect of your operations.
We discuss the audit findings with you, highlighting potential process improvements and system weaknesses.
We offer actionable recommendations to help you use your resources effectively, comply with regulations, and manage risks appropriately. As well as ongoing monitoring and periodic reviews to ensure sustained improvements and compliance.
Why choose Price Bailey for your audit?
Our auditors are at the forefront of changes and advancements in your industry and understand the best practice. We can interpret this in a way that is suitable for your business.
We provide unique solutions that are appropriate for the area of concern to meet difficulties as they arise. Our strong technical credentials, along with relevant client knowledge and expertise, can help you remain up to date on accounting regulations, support your business strategy, and answer any questions you might have about their interpretation.
We can help
Contact us today to find out more about how we can help you
