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