Micro Sample Audit File 2018

Available: In stock

A short but compliant example of an audit file for a Micro company.

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Product type:  
Practice toolkit
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Release date: 26 November 2018

‘It’s not the big audits that give me all the headaches – it’s the tiny ones…’ How often have we heard this complaint from practitioners?

Although a company may be very small in size, it can, for a number of reasons require an audit. For example, the shareholders or lender may require an audit, or the annual return may be late in which case the Companies Act 2014 (in the Republic of Ireland) requires that the financial statements be audited.

This toolkit demonstrates how to keep audit documentation on a very small audit to a minimum, while still staying compliant.  The example company is an ROI Micro company applying FRS 105, which requires an audit as its annual return in the previous year was filed late.  However, it can be used for any very small company in ROI or NI.

The publication is intended to provide users with a guide as to the extent and detail of documentation of an audit file for such a company, using the PQAs, as well as an approach as to how to document various tests.  We have considered each area and drafted brief example audit documentation appropriate for very small companies.

What's new in the 2018 version?

  • Now uses the latest version of our Procedures for Quality Audit (PQA) toolkit – PQA 2016 (with updates for 2018).
  • Up to date for Company Law, Accounting Standards and Auditing Standards.
  • It is available to PQA Licence Holders as an Excel workbook, so you easily use any of the text or tests on your own files as appropriate.
  • It can be used for any very small company, including Micro companies.
  • Includes pro forma audited financial statements and abbreviated financial statements for an audited ROI Micro company.
  • Includes a disclosure aide memoir checklist for an audited ROI Micro company.
  • Includes sample letter of representation, memorandum of significant matters, and audit planning memorandum, all as Word documents.

Available in CD format for PQA Licence Holders.

Available in Hardcopy for non PQA Licence Holders.

For more information, contact us at Practice Consulting
Phone: 01 6377300