Small audit exempt limited companies

System

I am a regulated and licensed member in practice but cant apply for reporting accountant status for a few years. I have been approached by several very small ltd companies - I am right in thinking I need to be a reporting accountant before I can these sort of jobs?

Has anyone got any ideas of how I can get round this but still keep the client?


Louise

System

Re:Small audit exempt limited companies

Hi

The reporting accountant status only now applies if you wish to perform certain work with charity accounts.

You can do work for a Ltd company other than be an auditor, insolvency work or financial services unless you have an appropriate qualification.

You can sign accounts for the purposes of banks and HMRC but you would need to check their individual requirements. You can prepare Ltd company accounts as it is not the accountant who signs these off, it is the directors who sign the accounts as they are ultimately responsible for them. The accountants (if acting as auditor) will sign the audit report, if they are not auditors they will sign a report to say they have prepared the accounts from the companies records.

See the other recent posts on 'Signing Accounts' in the various members forums.

Neil