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Accountants Reports for IFA Companies

Accountants Reports for IFA Companies

I work for a firm of chartered accountants who are no longer registered auditors.

We have just received an enquiry from a new limited company who are independent financial advisors, asking if we can give them a quote for preparing the annual financial statements and providing other corporate and personal taxation services.

I am assuming that the company will be regulated by the FSA and wonder whether there are additional reporting requirements in place for such businesses and, if so, whether such work can only be undertaken by registered auditors?

Any other relevant comments related to this this would be most welcome.


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24th May 2012 15:56


I haven't looked at this for a year or so, but the last time I read up on it an audit was dependent on the type of financial advise being given, and whether monies were held on behalf of the clients, or if they held custody of investments. 

Have you tried contacting the FSA and asking them? You could provide them with details of what the IFA firm does, from your background knowledge. 

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24th May 2012 17:05

Provide a quote excluding audit

Firms that merely offer advice and don't deal with clients' monies etc., can be exempt from statutory audit - I think they're called category B advisers.  

I'd suggest you provide a quote for what they ask, i.e. accounts preparation, personal and company tax, but make it clear that it excludes a statutory audit.

It's really up to them to find out if an audit is needed as they're the ones who have to report to the FSA.

Just be aware that FSA regulated firms have to make reports to the FSA as to their turnover (broken down between regulated and non regulated work and into types of work), profit, balance sheet extracts, and other reports, such as capital adequacy, etc - known as GABRIEL reporting which is done only directly with the FSA website.  Check whether the client expects you to to prepare those submissions or whether the client will do them themselves based on the raw accounts you give them (which may need to be more detailed than usual for this purpose).


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