Audit Exemption Manual (UK)
Includes FRS 102 Section 1A and FRS 105 disclosure checklists and example accounts.
Our Audit Exemption Manual provides you with the current and permanent file programmes needed to prepare financial statements for audit exempt limited companies, including micro-entities and for unincorporated businesses.
The manual also includes:
- accounts disclosure checklists, including versions in accordance with FRS 102, FRS 102 Section 1A and FRS 105;
- guidance notes that summarise the current legal accounting and reporting requirements for audit exempt companies; and
- an eligibility checklist to help you confirm the exemptions available.
Our Audit Exemption Manual (UK) can be browsed online or sections of content or commentary can be downloaded in Microsoft Word or PDF. There is also the flexibility to ‘customise’ a download suitable for your engagement. For every new assignment, you will need to navigate to our website to obtain the most up to date version.
- Guidance notes that provide you with essential background knowledge on the legal framework within which audit exempt companies operate, a what’s changed letter identifying all changes from the previous version of the manual and a file review checklist that will help you perform reviews of audit exempt assignments for quality management purposes. Guidance is also included for unincorporated assignments.
- Example letters, including engagement letters for accounts preparation assignments for limited companies, including micro-entities, and for unincorporated clients. There is also an example letter of representation and disengagement letter as well as a pre year end letter and questionnaire for limited companies.
- Example accountant's reports as well as a directors' balance sheet statement on audit exemption for limited companies and an example unincorporated client approval wording.
- Example audit exempt limited company pro-forma accounts for a small company (FRS 102 Section 1A) and full FRS 102 accounts, as well as pro-forma micro-entity (FRS 105) accounts. Example Abridged accounts (FRS 102 Section 1A) are also included.
- Audit exempt limited company accounts disclosure checklists for micro-entities (FRS 105), small companies (FRS 102 Section 1A), full FRS 102 accounts and small groups.
- Limited company current audit exempt file documentation that covers planning, completion, detailed and blank work programmes, a file index and lead schedules. The unincorporated assignment documentation provided includes simplified planning and completion documents, along with work programmes.
- Permanent file documentation that provides a structure for your permanent files and outlines the information required which is of continuing importance to an audit exempt assignment over a number of years.
July 2024
The principal technical changes in this update include update of disclosure checklists for recent changes in accounting standards.
May 2024
The principal technical changes in this update include update of disclosure checklists for recent minor changes in accounting standards.
October 2023
The principal technical changes in this update relate to the restructuring of the guidance notes.
April 2023
The principal changes in this update relate to a number of minor amendments / improvements that have been made across all sections of the Audit Exemption Manual, including updating engagement letters to reflect latest guidance.
July 2022
This major update to the methodology principally incorporates:
- Updating documentation for minor changes to laws and regulations, and accounting standards;
- Best practice amendments.
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