Limited Liability Partnerships Manual

• Guidance notes that provide you with essential background knowledge on the key aspects of LLPs and the relevant legal framework within which they operate. They cover the key aspects of the LLP SORP and of members' agreements.
• Example engagement letters for both audit (including groups) and audit exempt LLPs. There is also an example letter of representation. A group audit questionnaire is also included, along with a group audit instruction letter.
• Example auditor's reports (including groups) and accountant's reports, along with a statement of members' responsibilities.
• Example pro-forma accounts for full FRS 102, FRS 102 1A (both full and abridged)and FRS 105 (micro-entity).
• LLP accounts disclosure checklists for small (FRS 102 1A) and not small (FRS 102) LLP accounts are included, as is a checklist for micro-entity (FRS 105) accounts.
• Permanent file documentation that provides a structure for your permanent files and outlines the information required which is of continuing importance to an audit or audit exempt assignment over a number of years.
• LLP specific current file documentation comprising of two separate packs of documentation for audit (including groups) and audit exempt assignments. The audit documentation provides you with the planning, completion and detailed work programmes needed to undertake both a single entity audit and a group audit. Lead schedules and a current file index are also included. The audit exemption documentation provides you with the planning, completion and work programmes needed to provide an accountant's report on LLP accounts.
• Supplementary forms that provide additional resources that may be useful for certain scenarios.

September 2025
The principal technical changes in this update include:

• The new size criteria for LLPs; and
• Additional support for those utilising Audit Data Analytics (ADA) within their audit work.
  

January 2025
The principal technical changes in this update include:

• Enhancements to the example letters; and
• Enhancements to component auditor workpapers.

October 2024
The principal technical changes in this update include revisions to reflect the updates to the LLP SORP which is effective for periods commencing on or after 1 July 2024, although early adoption is permitted.

June 2024
The principal technical changes in this update include:

• Revisions in accordance with the FRC's Revised Ethical Standard;
• Changes to ISA 505 External Confirmations; and
• Best practice amendments. 

February 2024
The principal technical changes in this update include:

• Removal of content for periods commencing before 15 December 2021 as this is no longer relevant;
• Update of disclosure checklists for recent minor changes in accounting standards; and
• Best practice amendments.

September 2023
The principal technical changes in this update include:

• The inclusion of group audit documents which incorporate changes in relation to ISA (UK) 600 Special considerations - Audits of group financial statements (Including the work of component auditors);
• The introduction of a new (optional) statistical sampling approach; and
• The reconfiguring of the guidance notes.

Exciting new feature
We have also developed tailoring and customisation tools to help you filter out the irrelevant parts of the Accounts disclosure checklists through a series of questions. These are available in the 'Customise' screen within the menu on the right.
By selecting 'Yes' to the question 'Would you like to tailor your accounts disclosure checklist through a series of questions?', you will then be asked a series of questions. Answering these subsequent questions will filter down the disclosure checklist so that only the checklists / sections you require will be shown / available to download / included within the checklist downloaded.

March 2023
The principal technical changes in this update include the removal of content relating to the now superseded ISQCs and consequential amendments arising as a result of this.

In addition, a number of minor amendments / improvements have been made to other sections of the package, including updating engagement letters to reflect latest guidance.

April 2022
This major update to the methodology principally incorporates:

• ISA (UK) 315 (Revised July 2020) Identifying and assessing the risks of material misstatement;
• ISA (UK) 240 (Revised May 2021) The auditor’s responsibilities relating to fraud in an audit of financial statement;
• Consequential amendments as a result of the new quality management standards; and
• Updates in respect of the new SORP issued in December 2021.

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