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Letter of Representation

Letter of Representation

Hi

Would you ask your Ltd Co client to sign a Letter of Representation, even if no audit was carried out?  If so, can you recommend a good source for a template?

Thanks

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17th Jan 2013 20:54

ACCA factsheets

Hi - we've always sent LoRs regardless of audit or not.  The ACCA have an example on this link, just take the bits that apply to the majority of your clients.  Where appropriate we add a confirmation that the directors have not undertaken any IR35 contracts in the year.

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17th Jan 2013 22:05

wow

Thanks Paul

I have ALWAYS done LORs for Ltd clients (I know there is a debate about would it stand up in court or nut but) and have used my own template - which is quite thorough!

The ACCA one is not brilliant but it is more comprehensive than what I have so will be using from now on add more paras to mine

Thanks again

 

 

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22nd Jan 2013 12:23

Letter of representation

Yes i have always obtained the clients agreement to a letter of rep even if there is no audit as i feel it ensures that the client fully appreciates that we have have taken account of what they have stated to us in converstaion and sets out annually their responsibilities.

We add special paragraphs where the directors have borrowed from the company and we emphasise the client is responsible for ensuring that fraud is not taking place.....even with one man companies.

icaew QAD visits have not ever commented adversely.

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