Typically, initiators of this type of audit are business owners, investors, persons planning to purchase business and enterprise management. The initiator (Client) of an audit determines the volume and direction of the examination.
A voluntary audit is conducted primarily in order to: attract investment, borrow capital (loans, credit lines),obtain grants, business presales inspection, as well as to provide owners and management with reliable information on the financial position and the existing risks regarding business safety.
The benefits and opportunities of a voluntary audit are:
• Timely detection of noncompliance of accounting indicators and records with the legislation. Minimization of risks of such noncompliance and early settlement of the possible negative consequences
• Independent reliable estimate of a business’ financial position and finance department function
• Relevant professional advice on an auditable object from competent professionals during the audit process
• Correct setting of an effective accountancy and reporting system based on audit results and recommendations. Improving accounting policies
• Analysis and evaluation of the possible financial, tax and legal risks of doing business for the owner, buyer, investor, lender
Verification of accounting in certain directions/accounts (accounts receivable/payable, stock accounting and inventory, securities accounting, revenue accounting in general and by type of activity, certain areas of expenditure accounting, inspection of the correctness of the statutory fund forming, etc.).