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.
Voluntary audit vs non-statutory assurance
The terminology gets confusing because UK accountants and search engines often use different words for the same idea. “Voluntary audit” and “non-statutory audit” describe the same service: a full ISA (UK) audit of a company that sits below the Companies Act threshold and isn’t legally required to have one. The opinion you receive looks identical to a statutory audit opinion, the auditor still has to be a registered firm, and the procedures are scaled to risk in the same way.
That’s separate from non-statutory assurance reviews, which are a step down. A limited assurance review or an agreed-upon procedures engagement is narrower in scope: the auditor performs specific checks the company or a third party has asked for, rather than forming an opinion on the financial statements as a whole. A lender might ask for an agreed-upon procedures report on debtor balances. A buyer in due diligence might want comfort over revenue recognition without commissioning a full audit. The deliverable is a factual findings report, not a true and fair opinion, so the level of assurance is lower and the cost is usually less.
Most owners ask us for a voluntary audit (the full ISA-standard engagement) because that’s what investors, banks and acquirers actually want to see. Limited assurance and agreed-upon procedures have their place, but they don’t substitute for an audit when the audience is looking for stakeholder confidence in the numbers as a whole. We’ll talk through both options before we quote, so the engagement matches what you actually need.
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 £15 million
- Balance sheet total above £7.5 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.
Not sure if you qualify for an exemption? Our audit calculator checks your company against the statutory thresholds in under 60 seconds.
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.
Common questions
Why is private audit a voluntary audit?
For a small private company that sits below the statutory thresholds, an audit isn’t required by the Companies Act 2006. If the directors choose to commission one anyway, it’s classed as a voluntary audit because there is no legal trigger forcing it. Common reasons private companies still choose to be audited: a bank covenant, a private-equity investor, a parent company group audit, or preparation for a future sale. The procedures and ISA standards used are identical to a statutory audit; only the legal status differs. Getting audited voluntarily gives you the same independent assurance and can lift credibility with lenders and investors well before you cross the £15m turnover line.
What is the difference between a statutory audit and a voluntary audit?
The legal trigger is the only real difference. A statutory audit is required by the Companies Act 2006 once a company exceeds two of three thresholds: £15m turnover, £7.5m gross assets, or 50 employees. A voluntary audit is one a company chooses to commission even though it sits below those thresholds. Both apply identical ISA (UK) auditing standards, both produce a signed audit opinion, and both must be performed by a registered auditor. The difference shows up in filing: a statutory audit opinion is filed with Companies House as part of the statutory accounts; a voluntary audit isn’t required by Companies House but is often demanded by banks, investors, or grant funders. The work itself is the same.
What are three types of audits?
The three most commonly referenced categories are statutory audits, voluntary audits, and internal audits. Statutory audits are required by the Companies Act 2006 once a company crosses the size thresholds, and they end in an opinion filed at Companies House. Voluntary audits use the same ISA (UK) standards but are commissioned by choice, often to satisfy lenders, investors, or a parent group. Internal audits are run by an in-house function or outsourced provider, focus on risk and controls rather than financial statements, and report to management or the audit committee, not to shareholders. Other categories you’ll see (charity, SRA, pension scheme, grant audit) are all subsets of statutory or assurance work governed by sector-specific rules.
