Auditing certificate??

MissK

Hi I am a qualified Chartered Accountant. I have recently started a little business of a bookkeeping services.

I have recently been approached by a number of people to completed their yearly accounts. One of these people was a small company which does not require an audit, It is the first year of the company accounts and the directors are thinking of going back to a sole trade next year.

As this is not a audited set of accounts I was wondering would it be possible for me to complete these as I do not have an auditing certificate??

Thanks a Million

K

sawilson2003

MissK I think you actually answered your question yourself, An auditing certificate covers audits, as the company is exempt from audit you do not need one. And therefore can produce the accounts. You will not be signing the accounts just producing them, would be similar to you being employed as their internal accountant and producing the year end accounts.

You may want to check with the Institute as to whether you need to have a 'practice certificate'

JoeTurner

Hi Missk

Audit certificate is required for audits only - you don't need it for accounts preparation work as you're not completing an audit report for clients like this. Just make sure your clients are audit exempt before undertaking the work - if they've been late filing Companies Office returns they may require audits for 2 years.

Make sure you have a Practising Certificate from the Institute though. Also, make sure you have appropriate Professional Indemnity Insurance.

Fee for a Practising Cert is €434 per annum and you should get Professional Indemnity Insurance for between €500 and €600 in your first year - the Institute, afaik, recommend an indemnity limit of 2.5 times your fee income

Hope that helps - good luck with the new venture

Joe

Carlow52

JoeTurner wrote: »

Hi Missk

Audit certificate is required for audits only - you don't need it for accounts preparation work as you're not completing an audit report for clients like this. Just make sure your clients are audit exempt before undertaking the work - if they've been late filing Companies Office returns they may require audits for 2 years.

Make sure you have a Practising Certificate from the Institute though. Also, make sure you have appropriate Professional Indemnity Insurance.

Fee for a Practising Cert is €434 per annum and you should get Professional Indemnity Insurance for between €500 and €600 in your first year - the Institute, afaik, recommend an indemnity limit of 2.5 times your fee income

Hope that helps - good luck with the new venture

Joe

Joe,
Just wondering do you need the PC to do the books but not sign them, ie below the exemption limits?
Thanks

KingJo

Carlow52 wrote: »

Joe,
Just wondering do you need the PC to do the books but not sign them, ie below the exemption limits?
Thanks

Miss K,
Did you ever find the answer to your question relating to practising cert's? Are they necessary to sign off on accounts of a sole trader? And do you need to be a member for a certain period to obtain same?
Thanks

DUBACC

Hi MissK

I am in the same boat as you. I have been told by my own institute (ACCA) that in order to carry out any duties which fall under the heading of 'practice work', i need a practising certificate. The only work that does not come under that heading is bookkeeping, vat returns, wages, etc. Any reports, tax returns, accounts or anything else that may be relied upon by a third party is not allowed without the PC.

Hope this helps.