Share this content

Section 479 for group non-coterminous year-ends

Didn't find your answer?

I have a group audit situation where the Parent has extended its year end to June 19 but one of it's most significant components has retained its year end at Dec 18 and then done a short year end to June 19 to in the end match the group. 

This is a voluntary group audit so both group and subsidiary is small.

June 19 is easy I can claim the section 479 and audit the consolidated BUT what about Dec 18? Can I:

A) Claim section 479 on the subsidiarys Dec 18 accounts?

B) Or even better can I claim section 477 on the Dec 18 year end and audit it at group level at June 19?

C) Or will I have to audit the subsidiary alone as at Dec 18 (which doesnt seem right) then again at June 19 alongside the group?

Replies (1)

Please login or register to join the discussion.

By johnt27
05th Jul 2019 10:25

As you're preparing consolidated accounts and your rogue subsid is a significant component you're going to have a hard time not undertaking an audit at both period ends unless you want to qualify the audit report...

The easy option would be not to do the audit, but still prepare consolidated accounts if these are needed for a particular purpose.

Alternatively, you could consider an assurance report which would remove some of the audit burden.

Thanks (0)
Share this content