A small manufacturing company based in the UK, sought to improve its business operations, financial transparency, and build stronger relationships with its suppliers and customers. To achieve these goals, the company engaged Wright Vigar to conduct a voluntary audit.
Get in TouchEnhancing Business Growth and Confidence through Voluntary Audit
This case study reveals how a forward-thinking company used voluntary audit as a strategic tool to build credibility, enhance operations, and accelerate their growth journey - proving that a voluntary audit can be a worthwhile investment to open doors to growth opportunities and build stronger business relationships.
The client had no requirement to be audited so were filing unaudited financial statements for several years. There long term strategy was to grow but as both supplier and customer confidence wasn’t very high it meant the level of trade was affected. This resulted in the company generating lower levels of turnover and profits and therefore lower dividends paid out each year.
Financial Review: The audit revealed that the entity’s financial statements were accurate and complied with accounting standards. However, the auditors recommended implementing more robust financial reporting processes to enhance transparency in their financial statements to give stakeholders a clearer picture of the company’s position.
Internal Controls Assessment: The audit identified several areas where internal controls could be strengthened, including inventory and asset management. The auditors provided specific recommendations to mitigate these risks and improve operational efficiency.
The voluntary audit provided the entity with valuable insights and actionable recommendations. By enhancing financial transparency, improving internal controls, and building supplier and customer confidence, the company was able to achieve significant business growth and establish a strong foundation for future success.
