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Re audit of LLP

Re audit of LLP

I have prepared accounts for an LLP which turn out to need an audit due to gross assets exceeding the threshold althogh income doesn't. These need to be with Companies House by 31st January to avoid a penalty. I don' t have time to audit them  by 31st January so should I submit non audited accounts in time  and audited accounts later? The members, who are non UK companies, are happy to sign the non audited accounts.

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10th Jan 2011 18:25

that is not good enough.....

The law requires audited accounts to be filed by the due date.

Companies House will (or at least should) reject them if they are not audited as they do not comply with the law.

...get auditing!...

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11th Jan 2011 10:00

Agree with previous respondent, and the members should be encouraged by you to ensure that they meet their statutory duties, one of which is to determine whether audited accounts are required. You've got 20 days so best get cracking or else deal with the filing penalty.

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11th Jan 2011 10:20

Let the accounts be overdue ...

... but do the audit properly.

If, as I guess, you are under a lot of pressure with January deadlines, I would suggest you or the members pay the penalty, but aim to complete the audit within February.

SA

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By thacca
11th Jan 2011 10:59

Advice

Companies House will accept them and you can file amended audited accounts later. I will leave it for you to decide whether that's right or not.

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11th Jan 2011 11:24

Bit Late

Horrendous situation to be in as it will be very difficult to retrospectively plan & perform this audit in a manner that won't get your arsed kicked by your institute especially if there is material stock/WIP etc.

 

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11th Jan 2011 13:47

150 pounds is small price to pay

Horrendous situation to be in as it will be very difficult to retrospectively plan & perform this audit in a manner that won't get your arsed kicked by your institute especially if there is material stock/WIP etc.

Hence my advice to pay the penalty and do the audit properly.

SA

 

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11th Jan 2011 17:36

Depends if you are qualified or not

If you are Chartered and knowingly file wrong accounts you will get a decent fine if caught.

Do not know about Certifieds but I imagine they would not be happy either.

 

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12th Jan 2011 12:03

Audit of LLP

Thank you all for taking the time to answer and giving your opinions which I found useful.

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