Sign off Acounts

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT member discussion
I am going to start doing some private work and needed to know how I go about getting year end work sighed off e.g Stat accounts. How do I go about finding a qualified accountant to sign this off. Does anyone know how much they charge? I am in the Croydon Area

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Sign off Acounts

    You could try your local AAT branch there may be someone there who can help. You can find the contact numbers for organisers of the branch meetings etc on this website or in the magazine.

    Not sure on charges within your area but you could try contacting local accountants finding out if they are interested in helping and what they would charge you.
    But I would say the cost would depend on whether you require someone to do the year end for you or whether it is just to check your figures over.


    Michelle
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Sign off Acounts

    Hi

    With regards to signing off accounts, there seems to be quite a bit of misunderstanding (at least on the forums) about who can sign off accounts.

    Statutory accounts (Ltd companies etc) are not signed off by an accountant, they are signed off by the directors of the company as it is the directors who are responsible for the accounts of a company. An accountant who is an auditor will sign the audit report (if one is needed), but wont sign off the accounts, of which the audit report would form. The trickyest thing with statutory accounts, is the format (assuming that FRS/IAS's have been adhered to of course!) required for Companies House.

    Accounts prepred for HMRC can be signed by (according to another post) anyone appropriate, so you should be able to sign accounts for this purpose for your clients. Banks/building societies will have their own requirements and the majority of the high street ones recognise AAT. However, banks/building societies may have differing requirements depending on size/turnover of the business.

    Neil
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Sign off Acounts

    I would just like to clarify a point raised by Neil concerning Limited Companies.

    If a firm of Accountants prepares a set of Limited Company Accounts (non-audited) then there is an Accountants Report which is signed by the firm stating that the Accounts are prepared from information and explanations provided by the Client to the Accountant and thus discharging responsibility from the firm preparing the Accounts.

    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Sign off Acounts

    Yes this is what I mean. The accounts are prepared by accountants for a limited company and the company is not audited. Therefore what type of sign of is this?

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Sign off Acounts

    Hi

    Can you clarify that I am able to sign off accounts for a sole trader ( who has now become a partnership). I am a registered member in practice and for the last two years I have engaged an accountant to check my work and sign off the accounts. Are you telling me I needn't have done this? If this is correct, why hasn't the accountant explained this?

    Im confused! :shock:
    Thanks
    Siany
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Sign off Acounts

    Generally, when a firm prepares Accounts for a client (which are not audited) then responsibility ultimately has to be placed on the Directors under the Companies Acts. This responsibility is passed to the Directors from the Accountants by virtue of an Accountants Report. The contents of this states that the Accounts have been prepared from information and explanations provided by the client to the firm and reference is made to the Directors responsibilities for maintaining proper records etc etc. Note, for sole traders/partnerships, the rules concerning the Companies Acts do not apply.

    This report is not the same as an audit report and must not be construed as the same. Audit reports are completely different.

    Siany, as you are a member in practice, then I would assume that you are governed by AAT's rules and regulations concerning the signing off of reports - you may need to check your position with the AAT to see if it is absolutely necessary for you to have a Chartered Accountant signing off your Accounts. For piece of mind, this may be beneficial, but not essential.

    With regards to a Chartered Accountant signing off an Accountants Report, then the Chartered Accountant would also be governed by his/her Institute (i.e. ICAEW, ACCA etc) and their rules on Practising. Again, you may need to speak to a firm and see how you would go about getting these signed.

    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Sign off Acounts

    Hi Peugeot

    Excellent advice as always. How long have you been practicing? I will check with the AAT.

    Many thanks
    Siany :lol:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Sign off Acounts

    Hi Siany,

    I don't run a practice but I do work for one I couldn't be bothered with all the hassle! My boss practically lives there!

    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Sign off Acounts

    This is good news. Sainy please let me know what the AAT said. I am going to call them on monday to find out about signing off. My brothers business is not audited as he is a sole trader. Which means (if ok with the AAT) I dont need anyone to sign off anything.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Sign off Acounts

    Hi

    I have written to them and am waiting on a reply. So fingers crossed.............
    Siany
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Sign off Acounts

    Hi Char

    I am happy to report that the AAT have confirmed that as a member in practice, I am able to sign off accounts that do not require auditing. This is excellent news for all members in practice! I have received quite a detailed reply from them and if anyone wants more info, please email me on
    sian.jovetic@gmail.com and I will be happy to forward their reply onto you.

    I'm opening a bottle of wine now!
    Cheers
    Siany
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Sign off Acounts

    I thought that may be the case.

    Kind regards
    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Sign off Acounts

    Sainy

    Thanks for you for getting back to me. This is very good news. One less thing to worry about.

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Sign off Acounts

    Sorry I forgot to say would you forward me detials of this to broomfiekd@aol.com

    Regards

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