Accounts Preparation Manual (formerly Audit Exemption Manual) (ROI)
Our Accounts Preparation Manual (ROI) provides you with the current and permanent file programmes needed to prepare accounts under Irish GAAP for audit exempt limited companies, including micro-entities, and for unincorporated businesses in the Republic of Ireland.
The manual also includes:
- accounts disclosure checklists, including versions in accordance with FRS 102, FRS 102 Section 1A and FRS 105 as well as checklists for abridged accounts under FRS 102 Section 1A and FRS 105;
- guidance notes that summarise the current legal accounting and reporting requirements for audit exempt limited companies; and
- an eligibility checklist to help you confirm the exemptions available.
Our Accounts Preparation Manual (ROI) 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 limited 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 accounts preparation 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 example letters to the company and CRO when resigning as an auditor.
- Example accountant's reports as well as directors' balance sheet statements on audit exemption for limited companies (including dormant companies and micro-entities) 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 for both FRS 102 Section 1A and FRS 105 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 as well as checklists for abridged accounts under FRS 102 Section 1A and FRS 105.
- Audit exempt limited company current file documentation that covers planning, completion, detailed and blank work programmes, a file index and lead schedules. The unincorporated assignment current file documentation provided includes simplified planning and completion documents, along with detailed and blank work programmes.
- Permanent file documentation that provides a structure for your permanent files and outlines the information required which is of continuing importance over a number of years.
July 2024
The principal technical changes in this update include:
- The new size criteria for companies.
May 2024
The principal technical changes in this update include update of disclosure checklists for recent minor changes in accounting standards.
December 2023
The principal technical changes in this update relate to the restructuring of the guidance notes.
May 2023
The principal changes in this update relate to the changes as a result of the ICAI Technical Alert: TA 04/22 Chartered Accountants' Reports on The Compilation of Financial Information as well as 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.
August 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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Mercia online manuals are updated regularly by our technical staff and you will be notified of any significant regulatory changes by email.
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