The non-statutory audits are performed through independent auditors sicne the owners, proprietors, trustees, members and governing and professional bodies or other interested parties desire them, not since the law requires them.
Consequently, auditing will or may extend to every category of undertaking that produces accounts, and will involve thus:
- Charities (assuming an audit is not in any event statutory);
- Sole traders; and
This may also extend to forms of financial statement other rather than the annual reported figures whether those responsible for the statement, or those to whom the statement is made, consider as an independent opinion to be expressed as to when it provides a true and fair view. So examples would contain as:
1. Summaries of sales in support of a statement of royalties' payable whether goods are sold below licence;
2. Statements of expenditure in support of applications for other governments grants or regional development ; and
3. The circulation figures of magazine or of a newspaper need where soliciting advertising.
Such in all audits the auditor must have regard to any regulations relating financial statements that are contained in the constitution or the internal rules of the undertaking. The regulation's examples that would be important reference material for the auditor in which assignments would contain:
- The Rules of Clubs, Societies and Charities
- Partnership agreements.