Audit Registration - who keeps their registration when not doing statutory audit work?
Is it worth keeping Audit Registered when no longer carrying out statutory audit work?
We are a small ICAEW practice, and have renewed our Audit Registration, even though the last statutory audit work we did was completed and signed off at the beginning of 2011. We no longer have any statutory audit clients.
Is there any benefit in keeping the audit registration going?
When we did do statutory audit work, it consisted of one solicitor (SAR report), and one statutory audit. We had an external Hot File Review on all the SAR work, and an annual external Cold File Review on the statutory audit work. ICAEW had copies of the Hot File Reviews (and we were happy with this arrangement).
We did wonder about cancelling the Audit Registration at the end of 2011, but did nothing about it.
Now we've been sellected for a Practice Assurance Visit looking specifically at our audit procedures! The fact that everything has been externally reviewed, and that the work is history, has made no difference - the Assurance Visit has to proceed.
So the question is, do any other small practices keep their Audit Registration going, even though they aren't carrying out audit work?
If we cancelled it. would there be any other (non statutory audit) reports that we couldn't sign? We do reports for letting agents registered under ARLA, but as far as I'm aware we don't have to be Audit Regisetered to do this.
We don't want to cancel Audit Registrationand then find a report comes up that we can't deal with.
Thanks for any advice.
- Director drawings 202 14
- Childcare voucher schemes 13 1
- client can't/won't pay 1,831 40
- Interest Relief 145 5
- What sectors to target? 95 2
- Previous auditor threatening to sue our firm for unpaid fees 467 28
- What is the treatment of gains on sale of Options granted in Belgium 22 1
- Grammar, spelling and silly questions 1,557 54
- Rental losses 107 3
- Should i tell HMRC 1,556 14
- IRIS opentax login problems?! 286 2
- Has anyone experience of BPRA? 140 3
- Charitable Company's Accounts 58 1
- 31 Jan Procrastination Question: Computer Monitors 212 8
- Carrying forward self employment losses 174 8
- Client forgot to sign paper return and has gone on holidays 532 19
- Child Benefit Higher Income Tax Charge 121 3
- The Copyright Licensing Agency 96 2
- Balancing allowance/charge calculation on cessation of self-employment 53 1
- how much to charge 263 6
- Form MR01 (Particulars of a charge) - does this need to be filed if you remortgage with the same lender? 900
- Underpaid VAT assessment and relation to SATR 599
- Did you realise Google will not patch android exploit ... 569
- Latest phishing scam 525
- Cashback for opening business bank acct = trading income? 371
- Corporate LLP with 30 June Year end - How to record on SA800? 338
- Auto Enrolment Questions Answered 278
- Loan benefit after person ceases as director/employee 194
- Capital allowances in first basis period 178
- Sabbatical payments 169