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Set Up a Company - Didnt file return

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  • 27-11-2013 3:03pm
    #1
    Oasis678
    Registered Users Posts: 91 ✭✭


    Hi Guys,

    I set up a ltd company a few years ago that didnt go ahead and never traded. I was suppose to file a return in 2012 but forgot about it ( stupid i know)
    I now need to provide audited accounts with the return.
    Does anyone know ballparkhow much it would cost to get these prepared. should be easy as there was no activity. I will ill have to also pay late fees to CRO so looking for this done as cheap as possible. Any help appreciated


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    #2
    dbran
    Registered Users Posts: 2,094 ✭✭✭dbran


    PM sent


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    #3
    Alan Shore
    Registered Users Posts: 735 ✭✭✭Alan Shore


    Was 2012 return the first return due? Is 2013 return late? Do you intend to strike off the company when the returns are up to date.

    I would have thought that €1,000 plus VAT would be the rate for an audited set of accounts in the current climate even if there is no transactions.


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    #4
    capefear
    Registered Users Posts: 773 ✭✭✭capefear


    http://www.smandco.ie

    I was looking for an auditor for a dormant company and noticed this site. I have never used the above site so can't vouch for it but it seems a good price. I'm not linked to this company in anyway shape or form.
    Hth


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    #5
    Oasis678
    Registered Users Posts: 91 ✭✭Oasis678


    Hi Guys,

    Thanks for replies so far looks like this would cost €300 to get audited accounts which I think is a bit steep as the company hasn't traded and it would only be a matter of the auditor printing off a balance sheet and P and L which shows zero and short report.


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    #6
    Alan Shore
    Registered Users Posts: 735 ✭✭✭Alan Shore


    €300 plus VAT is a good price. It's not as simple as printing off a balance sheet and auditors report.

    There is a lot of form filing, exposure to external review, professional indemnity insurance ect.

    If and when they make the audit exemption available to small groups and management companies a lot of practices won't do auditing at all. Not sure where the late filers will go then.


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    #7
    lakill Farm
    Registered Users Posts: 4,735 ✭✭✭lakill Farm


    Oasis678 wrote: »
    Hi Guys,

    Thanks for replies so far looks like this would cost €300 to get audited accounts which I think is a bit steep as the company hasn't traded and it would only be a matter of the auditor printing off a balance sheet and P and L which shows zero and short report.

    send me your details and I will ask a friend to call you tomorrow.

    He does any auditing work I get done. He is based in Dublin and very reasonable


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    #8
    dbran
    Registered Users Posts: 2,094 ✭✭✭dbran


    Hi

    It is a common misconception that all auditors do is just sign a report. However in reality an audit file needs to be put together even for a dormant company sufficient to show that the company was actually really dormant, has no assets or liabilities etc.

    You essentially have to be able to prove a negative which is a hard thing to do. Moreover your file is open to inspection by a monitoring visit from the institute at any stage up to two years after you have signed off and the work has to have been done.

    Doing a cheap audit is just not worth the exposure risk.

    dbran


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    #9
    JD Dublin
    Registered Users Posts: 398 ✭✭JD Dublin


    Oasis678 wrote: »
    Hi Guys,

    Thanks for replies so far looks like this would cost €300 to get audited accounts which I think is a bit steep as the company hasn't traded and it would only be a matter of the auditor printing off a balance sheet and P and L which shows zero and short report.
    HI there. I would take the hand off them for that price TBH, later posters have alluded to the pain and angst that audits can cause.

    Each set of registered auditors have their own institutes who check that all is done in accordance to the rules. This includes filling out a 99 page document ( I kid you not! ) for the Chartered Institute for each audit. Even the ''Not Applicable'' bits have to be filled in as, well, ''Not Applicable''.

    You have to get a Letter of Engagement, a Letter of Representation, an Audit Planning Letter, a Management Letter, a Bank Letter.

    The auditor has to have a preliminary review and an end review to justify his or her opinion.

    Its utter madness - all for filing late. The Companies Office are on record as saying they have no intention of asking for a change the current regime because they think it is working i.e. auditors effectively fining companies for late filing.

    With a cynical view, it has privatised the fining of companies who are late with their returns.

    My opinion is that it turns the accountant / auditor in to an enforcer without any extra pay. Most accountants will be used to being pressurised into doing uneconomical work where a customer is late with their books.

    Rant over.


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