Independent voluntary audits for growing businesses that want financial reassurance, stronger governance, or greater confidence with lenders and investors.
What is a non-statutory audit?
A non-statutory audit is an independent audit carried out even when your company is not legally required to have one. Also referred to as a voluntary audit, it gives owner-managed businesses and SMEs the same independent financial assurance as a statutory audit, without the legal obligation. It is used by businesses that want reassurance over financial reporting, stronger internal controls, or greater credibility with banks, investors and other stakeholders.
Your business may qualify for audit exemption, but that does not mean a non-statutory audit has nothing to offer. Many growing businesses, businesses approaching a sale or fundraise and companies with new or incoming shareholders commission a voluntary audit precisely because they want the kind of independent assurance that gives stakeholders confidence in the numbers.
Our audit team works with owner-managed SMEs, UK groups and internationally connected companies to deliver non-statutory audits that provide insights that inform decisions and support growth.
On this page
Understanding the difference
What is the difference between a statutory and non-statutory audit?
Both types of audit deliver an independent examination of your financial statements by a registered auditor. The key difference is what triggers them.
Statutory audit | Non-statutory audit | |
Trigger | Legally required under the Companies Act 2006 when size thresholds are exceeded | Optional - commissioned voluntarily at the business's discretion |
Applies to | Companies and LLPs above the audit threshold, plus regulated businesses regardless of size | Any business that wants independent financial assurance, including audit-exempt SMEs |
Purpose | Regulatory compliance and filing requirement | Governance, credibility, funding, sale preparation, or stakeholder confidence |
Auditor | Must be carried out by a registered auditor | Must be carried out by a registered auditor |
Output | Auditor's report on the annual accounts | Auditor's report on the annual accounts |
Audit exemption
Who qualifies for audit exemption and who still chooses a non-statutory audit?
Under the Companies Act 2006, a company or LLP qualifies for audit exemption if it meets at least two of the three criteria below. The thresholds were updated for financial years beginning on or after 6 April 2025.
Criteria | Audit exemption threshold |
Annual turnover | No more than £15 million |
Balance sheet total | No more than £7.5 million |
Average number of employees | No more than 50 |
Updated for financial years beginning on or after 6 April 2025. The previous thresholds (£10.2m turnover / £5.1m balance sheet) applied to earlier periods. | |
Qualifying for audit exemption means you are not legally obligated to have an audit — not that an audit has no value. Many exempt businesses choose a voluntary audit to satisfy a lender requirement, provide assurance to incoming investors, or prepare for a sale or management buyout. If you are unsure whether your business qualifies, or want to understand whether a non-statutory audit makes sense in your circumstances, our team can advise.
Note: some businesses require an audit regardless of size, including FCA-regulated firms, companies within a group where the group exceeds the relevant thresholds, and charities with gross income over £1 million. If any of these apply, see our statutory audit page.
Who it’s for?
Who should consider a non-statutory audit?
Our non-statutory audit service is well suited to businesses in any of the following situations.
SMEs exempt from audit that want independent reassurance over financial reporting accuracy
Businesses seeking funding or investment where lenders or investors expect audited accounts
Companies preparing for sale or restructure that need independently verified financials ahead of a transaction
Businesses with new or incoming shareholders who want independent assurance over the accounts
Organisations improving internal controls and governance ahead of planned growth
UK subsidiaries of international groups needing a component audit or standalone assurance engagement
Audit regulation: Seymour Taylor is registered to carry on audit work in the United Kingdom by the Institute of Chartered Accountants in England and Wales (ICAEW). Details of our audit registration can be viewed at auditregister.org.uk.
What you gain
What are the benefits of a non-statutory audit?
A non-statutory audit delivers the same independent assurance as a statutory engagement, with the added advantage that the timing and insights are driven by your business needs rather than a regulatory deadline.
- Strengthens credibility with banks, investors and suppliers
- Confirms that your financial information is accurate and fairly presented
- Identifies risks, control weaknesses and inefficiencies before they escalate
- Supports better decision-making with independently verified data
- Provides clear, objective insight into your financial position
- Prepares your business for future statutory audit requirements
- Increases external confidence ahead of a sale, merger or investment round
- Demonstrates governance standards to franchisors, licensors or major customers
Common questions
Addressing the questions businesses most often ask us
Here are the concerns we hear most frequently from businesses considering a non-statutory audit.
Audit exemption means you are not legally required to complete an audit. Many exempt businesses commission a voluntary audit to satisfy lender requirements when raising finance, to provide assurance to a new investor or incoming shareholder, or to establish independently verified financials ahead of a planned sale or management buyout. The audit carries the same weight whether or not it was legally required. Many businesses also choose to proactively undertake an audit when they’re close to losing exemption.
Disruption is one of the most common concerns and one we take seriously. We plan everything upfront so your team knows exactly what is needed and when. We use secure, cloud-based tools for document sharing and we schedule fieldwork around your operations rather than around our convenience. Most clients tell us the process is far less disruptive than they expected.
The most common triggers are an approaching fundraise, a planned sale or restructure, a change in ownership, or a new lender or investor request. Earlier is better. A non-statutory audit commissioned before one of these events gives you time to address any findings and present independently verified accounts from a position of strength. It also means your auditor already knows the business, which makes any future statutory audit considerably smoother.
How it works
What does the non-statutory audit process involve?
We have designed a transparent process that keeps everything on track and minimises the impact on your team. There are no last-minute surprises — just clear planning, efficient delivery, and straightforward reporting.
1
Understand your business
We start by taking time to understand how your business operates, where risks lie, and what matters most to you, so the audit is shaped around your circumstances, not a generic template.
2
Audit planning
We work with your team to develop a clear audit plan. Everyone involved knows what is required of them and when. This means there are no surprises at year-end and issues can be resolved in good time.
3
Efficient fieldwork
Fieldwork is conducted efficiently and with minimal disruption to your day-to-day operations. We use secure, cloud-based tools for document sharing to keep everything moving without unnecessary back-and-forth.
4
Findings and recommendations
We walk you through our findings clearly, without jargon, and provide practical recommendations. Ongoing support is available as your business develops and the relationship does not end with the report.
Why Seymour Taylor
Why choose Seymour Taylor for your non-statutory audit?
We offer something that larger firms cannot: You will work with experienced, senior people who understand your business. Seymour Taylor has been providing audit and assurance services to businesses in High Wycombe and the wider Thames Valley since 1917, and our audit team brings that depth of experience to every engagement.
We work with owner-managed SMEs, UK groups, and internationally connected businesses. Through our membership of MGI Worldwide, a top 20 international accounting network operating in over 100 countries, we can support group structures and cross-border audit requirements that a local firm without international reach could not.
Director-led service on every engagement
Over 100 years in practice
Team of 44 qualified professionals
MGI Worldwide member firm
SMEs to international group structures
Regulated by ICAEW for audit work
Our audit team
FAQs
Non-statutory audit — frequently asked questions
No. You are not legally required to have one, but many exempt businesses commission a voluntary audit for strategic reasons: to satisfy lender requirements, strengthen investor confidence, or prepare for a planned sale or restructure. Qualifying for exemption and having no reason to seek an audit are two different things.
A statutory audit is legally required when a company exceeds certain size thresholds set under the Companies Act 2006. A voluntary (non-statutory) audit is carried out at the business’s own discretion, regardless of legal obligation. Both deliver independent assurance over financial statements and must be conducted by a registered auditor.
Lenders and investors often request audited accounts when making lending or investment decisions, even where no statutory requirement exists. A non-statutory audit gives them independent verification of the financial information they are relying on. This is particularly common in management buyouts, business acquisitions, and growth funding rounds.
Timescales depend on the size and complexity of the business, but most SME non-statutory audits are completed within a few weeks of fieldwork commencing. We agree a clear timeline with you upfront and plan the process to minimise disruption to your team.
Yes. A voluntary audit familiarises your team with audit processes and identifies any areas of weakness or control gaps before a statutory audit becomes mandatory. This reduces both the disruption and the cost when that threshold is reached and means your auditor already understands the business from day one of the statutory engagement.
Get in touch
Considering a non-statutory audit?
If you are thinking about commissioning a voluntary audit, or want to understand whether one is right for your business, speak to our audit team. We work with owner-managed SMEs, UK groups and internationally connected businesses across the Thames Valley and beyond and we offer an initial discovery meeting with no obligation and no cost.