# Accounts preparation and CRO Filing



## maevis1 (30 Sep 2009)

Hi,

A quick query hopefully someone might be able to assist with. Can a part qualified accountant prepare modified financial statements including accountants report. I am in this situation and have been asked if I could prepare same for a client. I have no issue in doing the work concerned in accordance with Companies Act and related reporting standards however as a part qualified accountant is there any preclusions regarding a part qualified accountant signing an accountants report? 

Thanks in advance

Regards,


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## papervalue (30 Sep 2009)

File a set of abridged accounts in company office with no accountant report.

A part qualified accountant can not sign an accountants report.

If you did sign accountant report-institute could displine you

If you qualify you have to get a practice cert to sign account report and audit cert to sign audit report.


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## maevis1 (30 Sep 2009)

Thanks for the quick reply

I thought a company was required to file an accountants report as part of their annual filed accounts (assuming they are not being audited). Does the fact that the company in question is availing of the exemption for audit have any bearing or is it sufficent to prepare accounts (BS & notes etc) without such a report?


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## papervalue (1 Oct 2009)

maevis1 said:


> Thanks for the quick reply
> 
> I thought a company was required to file an accountants report as part of their annual filed accounts (assuming they are not being audited). Does the fact that the company in question is availing of the exemption for audit have any bearing or is it sufficent to prepare accounts (BS & notes etc) without such a report?


 
In company office as part of audit exempt abridged accounts- no accountants report needed

The whole basis of audit exemption was that anyone could file the exempt accounts.

Need to file statement of director responsibilities, abridged balance sheet with correct wording/statement and notes.

Make sure company is allowed audit exemption- Have they filed on time last year and this year- if not need an audit report, where you would have to have audit cert to give one


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## Brendan Burgess (1 Oct 2009)

> If you did sign accountant report-institute could displine you



Heh???  If you are not a qualified accountant, you are not a member of an institute. I suppose they might give out to you if you were a student.

What is an "accountant's report" by the way? Do you mean an auditor's report?  As Papervalue has pointed out, if it is audit exempt, it does not need an auditor's report. 

See [broken link removed]"Guide to the Audit Exemption and Preparation of Companies Acts Individual Accounts for Small Private Companies." 

and other [broken link removed] on the CRO website


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## papervalue (1 Oct 2009)

Brendan said:


> Heh??? If you are not a qualified accountant, you are not a member of an institute. I suppose they might give out to you if you were a student.
> 
> What is an "accountant's report" by the way? Do you mean an auditor's report? As Papervalue has pointed out, if it is audit exempt, it does not need an auditor's report.
> 
> ...


 

I assume the part qualified accountant would be registered with one of accountancy bodies and you would have to be seem to live by their ethics. For example if she went ahead and signed accounting report, institute heard back, may effect application for full membership in future when she qualifies.ie fit and proper test etc

To clarify:

*Audit Report*
Need it in Financial Statements
Need it in Abridged accounts

*Accountants Report*
Some accountants include in Financial statements-Very short and says acounts not audit and done in line with m14 statement

Most dont include accountants report in non audit abridged accounts sent to companies office.

As far as i know the word accountant is still not protected. any one can really do accountants report if they not regulated by any of the accounting institutes.

You would often see some tax firms signing accountants report- some firms are regulated by no one.


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## DBRAN (1 Oct 2009)

Hi

All the above are correct as you do not need to be an accountant to file accounts in the cro.

If you are a member of an institute you cannot refer to your membership and hold yourself out to be in public practice. So you cant advertise the fact that you are "part qualified ACCA willing to prepare accounts" as you may be seriously repremanded by your institute. 

I believe you can on the other hand say "accountant willing to prepare accounts" as there is no definition of accountant in legislation. 

Kind Regards


dbran


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## Graham_07 (1 Oct 2009)

Papervalue is correct re students etc. 


For audit exempt cases I 

- Include Accountants report stating the accounts are "not audited" in the full accounts to the members.

- Do not include any report in the modified accounts for the CRO

In both full and modified accounts a Statement of Directors Responsibilities is included signed by the directors.


For audit cases I 

- issue Auditors report in the full audited accounts to the members

- issue Auditors special report (including Auditors Report to the members ) in the modified audited accounts to the CRO


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## censuspro (12 Oct 2009)

An accountants report is not compulsory for a small company availing of audit exemption. As long as you have statement of directors responsibilities, abridged balance sheet and notes, your fling requirements have been met.


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## DB74 (16 Oct 2009)

I'm not 100% sure that a statement of directors responsibilities is required

Can somebody point post a link to show where this is the case (or not) please


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## Graham_07 (16 Oct 2009)

DB74 said:


> I'm not 100% sure that a statement of directors responsibilities is required
> 
> Can somebody point post a link to show where this is the case (or not) please


 

The CRO have information leaflet No. 10 at www.cro.ie downloads / information leaflets. In that it gives examples of what they expect in audit exempt accounts. They include a Statement of Directors Responsibilities.


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## papervalue (16 Oct 2009)

Graham_07 said:


> The CRO have information leaflet No. 10 at www.cro.ie downloads / information leaflets. In that it gives examples of what they expect in audit exempt accounts. They include a Statement of Directors Responsibilities.


 
On page 12 in small print, they say their is no requirement but it is good accounting practice to include.

I woud include it anyway


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## Graham_07 (16 Oct 2009)

papervalue said:


> On page 12 in small print, they say their is no requirement but it is good accounting practice to include.
> 
> I woud include it anyway


 
Always read the small print lol


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