Accounts and Audits

Kelter

So as of today I am late filing my accounts... so I guess now would be a good time to ask these questions

1. As a limited company I am obliged to file my accounts each year... Yes?
2. Does the term "Audited" appear on these accounts. I mean does filing your accounts count as an Audit, or would you call them audited accounts? Or is it enough to say... here are my "accounts"? Then in the future if I am audited... if my accounts hold up to scruteny... then everything is ok... but if not... I am liable... Yes?
3. Strictly speaking... does an accountant need to be associated with this "filing of accounts" or "filing of audited accounts"?

Thanks so much to anyone who can answer this one!

patftrears

Silly mistake, it's going to cost you

Kelter wrote: »

So as of today I am late filing my accounts... so I guess now would be a good time to ask these questions

1. As a limited company I am obliged to file my accounts each year... Yes?
Yes
2. Does the term "Audited" appear on these accounts. I mean does filing your accounts count as an Audit, or would you call them audited accounts?
No
Or is it enough to say... here are my "accounts"? Then in the future if I am audited... if my accounts hold up to scruteny... then everything is ok... but if not... I am liable... Yes?
No

3. Strictly speaking... does an accountant need to be associated with this "filing of accounts"
No
or "filing of audited accounts"?
Yes

Thanks so much to anyone who can answer this one!

As a company you have to file your accounts with the CRO each year.
Under certain conditions you can claim an audit exemption,this means you just submit a return with some account details.
If you don't claim an audit exemption you have to get your accounts audited by an accountant.

By being late you can't claim the audit exemption this year or next year.
So you have to get your accounts audited by an accountant before you can submit them

Little Miss Cutie

Yeah as said above the term ''audited'' relates to the accounts being audited by an auditor.

Unfortunately unless you have an very good reason for late, you need your accounts audited for the next two years.
Note penalties are building on a daliy basis, so the sooner you get your accounts audited and filed the cheaper it will be.

dbran

Hi

Not just any accountant can carry out a company audit. They have to be qualified and also hold a current audit practicing cert.

How do you know that you are late? When is your ARD?

dbran

Boom Boom

Hi Kelter,

One piece of possible good news is that the CRO allow 28 days for filing after you ARD so based on your post if your ARD was 28 August 2009 you have until COB on the 25 Sept 2009 to submit audited (if required) or unaudited accounts (if audit exemption was claimed) and your form B1

hope this helps

Boom Boom

Kelter

Thanks guys for all the great advice. I've passed the 28 days alright so I need to go the full audit route. Fcek it anyway.

Little Miss Cutie

OP,

May I suggest that you look on the accountancy forum if you need an auditor? There are lots of them over there and I suspect you will get a good deal.

Remember whoever audits your accounts must have a current practice certificate

honeymonster

I did the same thing, costs a fortune, I called around a few firms got quoted €1,500 - €2000. Then I found a guy who did it for €600 + VAT. PM if you'd like his details