Voluntary audit
A voluntary audit is an audit undertaken even though the entity is not required by law to have a statutory audit. The scope and applicable standards depend on the engagement, but a financial-statement audit still requires the auditor to obtain the required evidence and report appropriately.
Worked example
An audit-exempt charity commissions an independent financial-statement audit to provide assurance to donors.
Common mistake
Voluntary does not mean the auditor may ignore the standards agreed or required for the engagement.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | AA | Supporting | September 2026–June 2027 |