Need to get accounts signed off by an Accountant

SeanSouth

I own and operate a small trading company which has gone from strength to strength in recent years. We have a turnover of about 500K.

Coming from an accounting background myself, I prepare all the accounts,
CRO returns, Corporation Tax returns and all other compliance tasks as needed.

We are now seeking some loan funding from the bank who have responded positively but with a number of conditions. One of the conditions is to have our accounts for the past two years, signed off by a practising accountant
The bank is quite vague so far on what they actually require. They dont seem to need a full audit but rather some indication from an accountant that the accounts are kosher.

My big fear here is cost. Anyone like to venture how much an accountant might charge for such an exercise.

Thanks for your help.

Clanno

SeanSouth wrote: »

I own and operate a small trading company which has gone from strength to strength in recent years. We have a turnover of about 500K.

Coming from an accounting background myself, I prepare all the accounts,
CRO returns, Corporation Tax returns and all other compliance tasks as needed.

We are now seeking some loan funding from the bank who have responded positively but with a number of conditions. One of the conditions is to have our accounts for the past two years, signed off by a practising accountant
The bank is quite vague so far on what they actually require. They dont seem to need a full audit but rather some indication from an accountant that the accounts are kosher.

My big fear here is cost. Anyone like to venture how much an accountant might charge for such an exercise.

Thanks for your help.

I recommend someone if that helps at all

EamonOSullivan

OP you need to clarify what exactly the bank wants. Do they just want an accountant's report? In this case maybe one of your colleagues from your time in accounting is in practise, and that would be the cheapest option.

Does the bank want the reporting accountant to re-perform the accounting chores you already carried out? Again someone you worked with in the past will probably follow your work and working papers easily.

If the above options are not feasible then your fears may be realised, because if someone you have never met is asked to sign off your accounts they may treat this as another accounting job and charge accordingly.

By the way, how definite is your bank that they are going to fund you? You may want to ask them this before incurring costs getting an accountant to do this work.

seco

EamonOSullivan wrote: »

OP you need to clarify what exactly the bank wants. Do they just want an accountant's report? In this case maybe one of your colleagues from your time in accounting is in practise, and that would be the cheapest option.

Does the bank want the reporting accountant to re-perform the accounting chores you already carried out? Again someone you worked with in the past will probably follow your work and working papers easily.

If the above options are not feasible then your fears may be realised, because if someone you have never met is asked to sign off your accounts they may treat this as another accounting job and charge accordingly.

By the way, how definite is your bank that they are going to fund you? You may want to ask them this before incurring costs getting an accountant to do this work.

I suggest that looking for clarification from your bank will probably be fruitless. They are almost certainly looking for independent assurance on the validity of the accounts with all due respect to yourself. This can be achieved by a review of the accounts file which you prepared and thepracticing accountant expressing an opinion thereon. If you wish to discuss further, pm your contact details to me.

EamonOSullivan

In response to Seco, it may be true that the bank is looking for independant verification. It may be that they are looking to delay the appliation without say 'no' to it. Like I said I would ask the bank how vital it is to get the accounts signed off, you may not get a straight answer but you may have more information after asking.