Voluntary Audit Services by Jack Ross Chartered Accountants

Introduction: Elevate Your Business with Our Voluntary Audit Services

Welcome to the landscape of accounting and auditing, where the term “audit” often conjures images of statutory requirements and regulatory red tape. While mandatory audits are a fact of life for large organisations, many small and medium-sized enterprises (SMEs) and private companies are not legally required to undertake an audit. However, Jack Ross Chartered Accountants believes there’s exceptional value in a voluntary audit. Our dedicated service is tailored to offer distinct benefits that can aid in risk management and enhance your firm’s credibility.

Benefits of a Voluntary Audit: Assurance for Small Companies

Independent Assessment of Financial Statements

A voluntary audit provides an independent evaluation of your financial statements, ensuring they are accurate and reliable. This is particularly beneficial for business owners who delegate the running of their business to a management team.

Facilitates Business Sales and Investments

A voluntary audit can be valuable if you’re considering selling your business or seeking investment. The independent view of your financial statements can make buyers and investors more confident.

Preparatory Step for Statutory Audit

Voluntary audits can help you get your financial processes in shape before your business meets the criteria for a mandatory statutory audit. This may make the transition smoother and less stressful.

Compliance and Risk Management

The audit evaluates financial policies, procedures, and controls to ensure they comply with external regulations and manage risk effectively. This can protect your assets from fraud and uphold the integrity of your information.

Enhances Business Profitability

Through a voluntary audit, you can gain valuable insights into the financial management of your business. This can help improve risk management and increase your business’s effectiveness, efficiency, and profitability.

Why Choose Jack Ross as Your Voluntary Auditor?

Assurance and Credibility: Our Promise to You

A voluntary audit is a robust indicator of your firm’s commitment to transparency and good governance. Our external audit services provide an added layer of assurance that can elevate stakeholder and shareholder confidence.

We undertake several voluntary audits, and the clients benefit from our expertise.

Financial Insights and Risk Management: Your Path to Growth

Choosing Jack Ross for your voluntary audit delivers valuable insights into your accounting processes and financial information. Our comprehensive audit report identifies potential issues in your financial statements, aiding your risk management strategy.

Latest Statutory Audit Requirements in the UK

Who Needs an Audit?

In the UK, all companies must legally undergo an audit unless they meet specific exemption criteria. The size of the company and its group, where ‘group’ refers to the parent company consolidated with its subsidiaries, plays a crucial role in determining eligibility for exemption.

Exemption Criteria for Small Companies

Criteria for Exemption Small Companies Non-Small Companies Special Cases

Turnover £10.2M or less Breach two or more N/A
Total Assets £5.1M or less thresholds for two N/A
Employees 50 or fewer consecutive years N/A

Non-small and Dormant Companies are not Required to Have an Audit.

Companies and LLPs classified as dormant, i.e., those with no transactional activity, are also eligible for exemption under the s480 provision.

Special Cases and Exemptions

Based on their characteristics, certain groups cannot be classified as minor. These include groups where any entity is a MiFID investment firm, a UCITS management company, authorised under the Banking Consolidation Directive or the Insurance Directives, an e-money issuer, or listed on the London Stock Exchange.

When Should You Make the Voluntary External Audit Decision?

Understanding the Thresholds

According to the Companies Act, small firms and SMEs are generally exempt from mandatory audits based on certain turnover thresholds. But exceeding these limits, even briefly, may necessitate an audit. Our team helps you understand these nuances.

Tailored Benefits for Small Companies and SMEs

Small companies and SMEs can particularly benefit from our voluntary audit services. The audit quality and credibility we bring can make a significant difference when you seek external funding or wish to enter new markets.

Our Voluntary Audit Process: How We Work

Selecting Your Audit Team

When you choose Jack Ross, you choose a team of chartered accountants who offer audit services tailored to your business needs. We examine your balance sheet and other accounting information to provide a thorough audit report.

The Audit Procedure: Our Methodology

Our accountants undertake the audit in line with previous directives and European accounting standards, resulting in audited financial statements you can present to stakeholders with confidence.

Conclusion: Make the Informed Choice

Whether you’re a burgeoning small business or a more established SME, our voluntary audit services provide more than just compliance—they offer credibility, assurance, and invaluable insights into your organisation’s financial health.

What is the value of a voluntary audit for SMEs?

A voluntary audit provides insight into the accounting and financial practices of a particular SME. It can also help identify areas where the business needs additional support to comply with relevant regulatory thresholds and standards. A voluntary audit report assures the reliability of statements made by the SME.

How do I decide whether to perform a voluntary audit?

Ultimately, it is up to you as an owner or manager of an SME to decide whether you would like your company to undergo a voluntary audit. On balance, it is beneficial to opt for a voluntary audit, even if there is no legal requirement.

Are public companies required by law to undertake voluntary audits?

No, the law does not require public companies to undertake voluntary audits. However, some private firms may choose to do so to provide further assurance about their entire accounts.

Client Testimonials

Explore the success stories of audit clients we’ve helped achieve great things.

The Jack Ross Team has been an absolute delight. Professional, nice and fast during the Audit procedure. Thank you Jack Ross Team. Engaging with the Jack Ross Team for our audit was one of the best decisions we've made this fiscal year. I was particularly impressed with their swift and streamlined audit process. Unlike other firms that drag on for weeks, Jack Ross was able to conclude our audit in record time without cutting corners.

Their professionalism is unparalleled; from initial consultation to final report, every interaction was marked by courtesy, respect, and a deep understanding of our unique business needs.

But what surprised me most was their warmth and friendliness; they made a typically stressful process feel almost enjoyable. It's refreshing to work with a team that combines speed and efficiency with such high levels of customer service.

If you're looking for an audit service that respects your time without compromising on quality, then look no further than Jack Ross Audit.

Sofia Carlini

Financial Controller

Excellent service from the Jack Ross Audit Team. They gave us good advice and completed a very efficient audit. They have a friendly and competent team. I would surely recommend them.

I've always considered auditing a cumbersome process, but my experience with the Jack Ross Audit Team has completely changed my perspective. Their service was impeccable from start to finish. The team not only offered us invaluable advice to streamline our financial systems, but they also executed an extremely efficient audit that was far less intrusive than I've experienced in the past.

What truly sets Jack Ross Audit apart, however, is their team. Each member we interacted with was incredibly competent and genuinely friendly and approachable. They made us feel like a valued client rather than just another case file.

If you're unsure which accounting firm to choose for your audit, I can't recommend Jack Ross Audit highly enough. Their blend of professionalism, efficiency, and genuine care for their clients is rare in the financial world.

Katrien Vanassche

Financial Director

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