Audits for clubs and societies
Poodle
Registered Posts: 711 Epic contributor 🐘
Hi
I have been approached by an organisation to take on the production of FS for submission to CH. No problem with that however they would like to come to me from a CA.
I have not yet taken the appointment and I do not want to lead them up the garden path or get myself into problems later.
The problem that I have is that the CA has always produced audited accounts and my MiP obviously does not cover this. I have highlighted this fact to the 'potental' client but he has come back with the question ' so why do we have to produce them' and basically I just cannot remember.
I know what the audit exemption thresholds are for Ltd Co.s but am I correct in saying that with a club or society then an audit is not required if they fall below the thresholds as well. One would only be required if the constitution/members tates that and audit has to be carried out?
I presume that if a club/society wishes to, then they could change this requirement.
I have searced on the web but I have not been able to find anything of much use
Poodle
I have been approached by an organisation to take on the production of FS for submission to CH. No problem with that however they would like to come to me from a CA.
I have not yet taken the appointment and I do not want to lead them up the garden path or get myself into problems later.
The problem that I have is that the CA has always produced audited accounts and my MiP obviously does not cover this. I have highlighted this fact to the 'potental' client but he has come back with the question ' so why do we have to produce them' and basically I just cannot remember.
I know what the audit exemption thresholds are for Ltd Co.s but am I correct in saying that with a club or society then an audit is not required if they fall below the thresholds as well. One would only be required if the constitution/members tates that and audit has to be carried out?
I presume that if a club/society wishes to, then they could change this requirement.
I have searced on the web but I have not been able to find anything of much use
Poodle
0
Comments
-
Are they registered as an industrial provident society? If so FSA rules state that even if they vote not to have an audit the only accounts acceptable are those signed by a registered auditor (even though they're not audited) not even an accountants report by chartered accountant is acceptable To my knowledge they cannot override that even by resolution.0
-
Bluewednesday wrote: »Are they registered as an industrial provident society? QUOTE]
Not sure so I will ask but if they ar not then am I correct with the requirement being member driven as opposed to legislation?
Poodle0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 325 NEW! Qualifications 2022
- 160 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 95 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 275 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 202 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 583 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership