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Services > Audit > Voluntary audits
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| Voluntary Audits |
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Some private companies particularly small companies are exempt from audit if they meet a number of financial and non-financial criteria.
Some of the reasons and advantages of an audit include the following:
- Add credibility to the financial information
- The financial statements must still show a true and fairview, an audit reduces the risk of non-compliance with legislation, error and fraud
- To provide reports required by regulators e.g. Atol, ABTA, etc
- To support banking covenants
- Outside interests e.g. shareholders that are not directors
- To provide access to finance on enhanced lending terms
- Helps to implement financial discipline in all aspects of the business
The decision to commit to an independent audit sends all the right signals to bankers, prospective purchases of the business, suppliers and HM Revenue & Customs.
All such audits are performed to the same standards as the statutory audits.
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