Audit Exempt Resource Pack 2022

As audit exempt companies can now be quite sizeable, it is important for firms to have robust procedures dealing with financial statements compilation assignments. This toolkit will assist users to plan and budget for preparing accounts for audit exempt companies, and a series of worksheets will suggest a set of procedures that will allow jobs to be completed in a thorough and efficient way. It includes -

• A work programme that guides users through a set of relevant procedures for audit exempt companies, in both the Republic of Ireland and Northern Ireland;
• Eight sets of Pro Forma financial statements for small and micro audit–exempt companies in both ROI and NI (see below).

The work programme and pro forma financial statements have been brought up to date and improved, and now comply with International Standard on Related Services 4410 (Revised) 'Compilation Engagements' and Technical Alert (TA) 04/22 ‘Chartered Accountants’ Reports on The Compilation of Financial Information’.

Key features:

• Suitable for both Small and Micro Companies in both ROI and NI;
• Work programme based around Microsoft Excel for ease of use and navigation, allowing users to perform assignments using Excel spreadsheets that can be enhanced by supporting schedules;
• Includes 4 Disclosure Aide Memoirs, which have been updated and improved, covering Small Companies and Micro Companies in ROI and NI;
• Includes 8 sets of Pro Forma Financial Statements for audit exempt companies (see below), which have been brought up to date and enhanced with further guidance notes;
• Individual sections include guidance on the more complex areas of FRS 102 and FRS 105, including goodwill, revaluations of fixed assets and investment properties, investments, directors' and connected company loans, and distributable profits.
• Handy 2-Page Planning Memo to focus on what’s really important to help your staff get on the way efficiently;
• Lead Schedules for balance sheet sections;
• A Control Sheet to ensure that you have all the books and records before you start;
• Anti-Money Laundering steps;
• A step by step guide and template documents for availing of audit exemption.

This toolkit replaces the old ‘Audit Exempt Work Programme 2018 (ROI & NI)’, which are now out of date.

Pro Forma Financial Statements for audit-exempt companies

The Audit Exempt Resource Pack 2022 includes Pro Forma Financial Statements for audit exempt companies in ROI and NI, prepared under the relevant company law and FRS 102 or FRS 105 as appropriate. These example financial statements use fictitious amounts and totals (not just blank placeholders) to enable you to follow through and understand the required presentations and disclosures. All of the pro formas include extensive footnotes to provide context for the formats and disclosures presented.

The following Pro Forma Financial Statements are included:

Republic of Ireland

• Full financial statements for an audit-exempt Micro Company preparing accounts under FRS 105 and Schedule 3B of the Companies Act 2014;
• Abridged financial statements for the audit-exempt Micro Company;
• Full financial statements for an audit-exempt Small Company preparing accounts under Section 1A of FRS 102 and Schedule 3A of the Companies Act 2014;
• Abridged financial statements for the audit-exempt Small Company.

Northern Ireland

• Full financial statements for an audit-exempt Micro Company preparing accounts under FRS 105 and Statutory Instrument (SI) 2008/409;
• ‘Filleted’ financial statements for the audit-exempt Micro Company for filing with Companies House;
• Full financial statements for an audit-exempt Small Company preparing accounts under Section 1A of FRS 102 and SI 2008/409;
• ‘Filleted’ financial statements for the audit-exempt Small Company for filing with Companies House.

The Pro Forma Financial Statements are supplied as a download in MS Word format.

Downloading your toolkit

Once you have placed your order online, first print your invoice if you require one. Following this, go into your My Account area on the website and open My courses and downloads. Your toolkit will be available to download there. You have up to 90 days from the date of purchase to download your toolkit.

For more information, contact us at Practice Consulting