It is not a legal obligation for a company to conduct its non-statutory audit. It is aimed at reviewing and determining efficiency of business activities of a company. It reveals weaknesses in operations of a company. A non-statutory audit is helpful to Sole proprietors, limited and unlimited liability partnerships, small companies, clubs, associations, and charitable trusts. Non-statutory audit report is a review of various functions of a company such as, processes, inventory control, and even employment of human resources.
