VAT & BANK REC

VAT & BANK REC

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Just wondered if anyone has any thoughts on the following:

For most clients we perform a bank rec (or have trained the clients to) and we nearly always reconcile their VAT accounts. We also do a full balance sheet rec too.

My questions is, where a client does not provide the full information or there is insufficient time to do full reconciliations should we as a firm note this on the accounts that we are submitting for SA or on the Stats? For SA are we obliged to do bank recs?

We are not registered auditors so we only prepare unaudited accounts.
Craig Davies

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By deltic1
30th Aug 2007 23:14

depends

on factors as already covered by your own question plus as to how far you need to go in terms of bnk rec / balance sheet etc

type of business ie sole trader , partnership , limited company

size of turnover and nature of turnover - cash type of business or invoice /bank

nature of clients trade


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