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
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.

Printed audit exemption file index cards are also available for this manual. Click here to find out more or to order index cards.

Paperless Audit version also available

Guidance notes that provide you with essential background knowledge on the legal framework within which audit exempt companies operate. Guidance is also included on the performance of unincorporated assignments.
Example engagement letters for accounts preparation assignments for limited companies, including micro-entities and for unincorporated clients. There is also an example letter of representation.
Example accountant's reports.
Example audit exempt limited company pro-formaaccounts for a small company (FRS 102 Section 1A) and full FRS 102 accounts, as well as pro-forma micro-entity accounts. Example Abridged accounts (FRS 102 Section 1A) are also included.
Limited company accounts disclosure checklists for audit exempt small (FRS 102 Section 1A), full accounts and small group 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 exempt assignment over a number of years.
Limited company current audit exempt file documentation that covers planning, completion, detailed work programmes, a file index and lead schedules. The unincorporated assignment documentation provided includes simple planning and completion documents, along with work programmes.
A cold file review checklist that will help you perform reviews of audit exempt assignments for quality control purposes.

February 2021
A number of minor changes to engagement letters, disclosure checklists, accounts and audit exemption criteria checklists have been made in relation to Brexit.

September 2020
The method of delivery has changed and as such the layout and structure of the manual has been updated. For further details, please see the what’s changed guidance included within the product.

January 2019
This update deal with the Revised Accounting Standards - FRS 102

In December 2017 the FRC issued Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Triennial review 2017: Incremental improvements and clarifications and then in March 2018, a consolidated version of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018).

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Audit Exemption Manual (UK)

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