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.