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.
- New business - journal entries 136 10
- 100% Annual investment allowance on luxury cars 641 17
- Alerting clients versus walking away from clients 308 4
- Trade name 19 1
- Resident Landlord Expenses 165 6
- Samadian effect on self employed student support workers 92 3
- Why should I retain membership? 2,501 42
- Employee shareholder contracts 100 1
- Lettings expenses 94 2
- Capital Allowances and Building Improvements 355 12
- Annual tax investigation cover fee? 319 11
- Can a sole-trader make pension contributions to avoid loss of personal allowance? 285 9
- PAYE 456 12
- Using CT600.pdf if all the directors are different 81 1
- Bloomsbury Professional tax books 161 2
- Stamp duty on multiple property transaction 276 16
- IFA incorporation problems 184 3
- Statutory accounts, current company address, or one that was correct at EOY? 75 2
- Director's loan account in credit 203 1
- Excel question - how can I easily link to a row of data with gaps between the cells? 676 23
- Auto enrolment excuses 727
- Feedback on accounts production software for IFRS 698
- Add T&Cs to Sales Order in Sage 374
- Social investment tax relief 194
- Digita Hosted Software 186
- Call Centre Data Costs 183
- option to tax 167
- VAT on deposits 160
- Buying goods in US and selling them to company in US 143
- Travel costs and contractors 137