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
Replies (3)
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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.
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
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.