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auditor resignation

  • 05-05-2008 6:52pm
    #1
    Joe Malone
    Closed Accounts Posts: 96 ✭✭


    Hi,
    Basic question regarding the resignation of an auditor.
    I own a company with a financial year end of 30th September. I sent all the paperwork to the auditor in October and assumed the audit would be done. The auditor tells me at the end of February that he doesn't want to do the audit (makes out he's doing me a favour as he would "have to" charge 10K for the job!). My filing date is 4th April so I ended up having to find a new auditor in a real hurry. The old auditor sent me the official resignation letter at the end of March but dated it for the start of March (it stated that there are no matters blah blah blah ...).

    My question is this: Can an auditor accept all the paperwork in October (and thereby, by default, accept the audit for another year) and then decide a few weeks before filing deadline that he doesn't want the job? Do I have any comeback on this guy?


Comments

  • #2
    kluivert
    Registered Users, Registered Users 2 Posts: 2,399 ✭✭✭kluivert


    No is the answer here.

    You employ the services of the auditor and it appears that for some reason or other they can not undertake to do the audit.

    There are reasons for this set out; e.g.

    Threat to independence
    Lack of competent knowledge or resources
    Lack of Scope
    Conflicts of Interest.....etc....

    In fairness the Auditors should have wrote back to you as soon as they knew they couldnt undertake the audit stating that they would have to resign.

    Frm what you have stated above, are your books and records in good condition, or would the next auditor have to prepare a set of accounts before even starting to audit them. If so then you could be looking at a big bill.


  • #3
    pigeonbutler
    Registered Users, Registered Users 2 Posts: 666 ✭✭✭pigeonbutler


    It might be worth considering whether your eligible for an exemption from the requirement to submit audited accounts. That'd be based mostly on the size of your business in terms of Turnover/Profit/Net Assets.

    And if you're not happy with the conduct of the resigning auditor consider complaining to whatever professional body they're a member of.


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