Audit Group provides voluntary audit services for companies that choose to have their accounts independently reviewed, even when they’re not legally required to. A voluntary audit sends a clear signal to every stakeholder that your organisation takes financial governance seriously.
What is a voluntary audit?
A voluntary audit is a full statutory-style examination of your company’s financial statements, carried out by a registered auditor for any organisation that wants one, even when it’s not mandated. You get the same independent opinion that larger companies receive – just without the legal obligation.
The process follows International Standards on Auditing (UK), the same framework used for mandatory engagements. The auditor reviews your financial records, tests internal controls and issues a formal opinion on whether the accounts give a true and fair view.
Why would you choose to be audited?
Companies below the statutory thresholds opt for a voluntary audit for several practical reasons:
- Investor confidence – If you’re raising equity or seeking investment, audited accounts carry more weight than unaudited ones. Investors want assurance that the numbers they’re relying on have been independently checked.
- Bank and lender requirements – Some lenders require audited accounts as a condition of the facility. A lender wants to know that the numbers are reliable, particularly for larger facilities or property-backed borrowing.
- Preparing for growth – If your company is approaching the audit threshold, starting early means your systems and records are ready when the requirement kicks in.
- Governance and control – An independent review of your financial reporting gives the board confidence in the numbers and highlights any weaknesses in your processes.
- Shareholder disputes – Where shareholders aren’t involved in day-to-day management, an audit provides independent verification that protects every stakeholder’s interests.
- Acquisition readiness – Buyers conduct due diligence. Having audited accounts for the last two or three years makes the process faster and builds trust.
What are the audit thresholds?
Under the Companies Act 2006, your company needs an audit if it exceeds two of these three limits:
- Annual turnover above £10.2 million
- Balance sheet total above £5.1 million
- More than 50 employees
Companies below all three can claim audit exemption. But exemption doesn’t mean an audit has no value – it just means the choice is yours.
Note that group companies, regulated entities and certain financial services businesses can’t claim exemption regardless of size. If you’re not sure whether exemption applies to your company, we’ll check and advise.
How it works
- Scoping – We discuss your reasons for wanting an audit, understand your business and agree what’s needed.
- Fieldwork – Our team reviews your financial statements, tests transactions and checks that your accounting policies are appropriate.
- Reporting – You receive a formal opinion on the accounts plus a management letter with any recommendations. The report follows the same format as a mandatory engagement.
The whole process typically takes three to four weeks from receiving your records.
Why choose Audit Group?
We work with businesses at every stage – from startups seeking their first round of investment to established companies preparing for a sale. Our approach is practical: we focus on what matters and keep the process efficient.
- ICAEW-registered – Regulated by the Institute of Chartered Accountants in England and Wales
- Fixed fees – Agreed before we start, so you know the cost upfront
- Fast turnaround – We work to your timeline, whether that’s a funding round or a financial year-end
- Added value – We don’t just sign off the accounts. We identify issues and suggest improvements that strengthen your business
If you’re considering a voluntary audit or want to understand whether it makes sense for your situation, get in touch for a no-obligation conversation.
