Auditing and Assurance Standards and Guidance

FRC Bulletins

Bulletin: Compendium of illustrative auditor's reports on United Kingdom private sector financial statements for periods commencing on or after 17 June 2016

Appendices

Appendix 1— Non-publicly traded company preparing financial statements under the small companies regime

dotbullet Company qualifies as a small company and is not a public interest entity

dotbullet Financial statements are prepared in accordance with FRSs 100 and 102 (UK GAAP)

dotbullet Directors take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report

dotbullet Company does not prepare group financial statements or ISA (UK) 600 (Revised June 2016) does not otherwise apply

dotbullet Description of the auditor's responsibilities for the audit of the financial statements is included by reference to the location of such a description included on the FRC's website

dotbullet Auditor is not required, and has otherwise not decided, to communicate key audit matters in accordance with ISA (UK) 701