End Of Year Audit Cost

Slim Shady

Hi all
I was wondering what an end of year audit for a private limited company with a profit of 30,000 would be? All the accounts would be in the correct format and would be compiled by a retired accountant.
I just need a rough quote

censuspro

Are you sure you need an "Audit" and not just preparation of the Annual Accounts. There are three types of companies obliged to have their accounts audited.

1. Companies that have a turnover of more than circa €7million.
2. Companies that are required to have an audit by some other statute e.g. financial service providers, management companies, solicitors and charities.
3. Companies that were late filing their previous annual return.

If it is an Audit that needed then the price will be invariably more than if it was for a normal set of audit exempt accounts. The reason for this is that the level of work that an accountant is required to do for an audit is substantially more and the level of risk and exposure for the accountant signing off on an audit report.

In my experience, the absolute minimum for an audit these days is €1500 plus VAT. That would be for a very straight forward audit where there were very little transactions. There was a practicioners survey carried out by one of the institutes in 2010 which showed that the average fee for an audit in Ireland was €4500.

kennyb3

To add to what censuspro has detailed above I would add:

1. Level of turnover? Profit means nothing as level of sales and purchases testing required is more relevant

2. Fixed assets? I.e if it is a haulage/transport company significant fixed asset verification would be required.

3. Stock level? A stock take may be required at the year end.

Also just to add this could complicate things - but there may be a limitation of scope if the auditor cant verify the opening or closing stock due to their late appointment.

Anyway thats just a sample to show that far more details are required. Your talking anything from 1k+vat to 15k+vat depending on all the various issues.

There could be any number of issues we are unaware of also.

Slim Shady

Just to clarify
-There will be no stock on the premises
-The Only assists will be a computer or 2 and some other techie stuff, printers etc.

From what I gather from the above posts is that as long as my accounts are prepared correctly and I meet the conditions outlined in post #2 I can file my tax return myself and no audit is required. The company is an online retailer.
Does the preparation of the accounts have to be done by a practising accountant or can it be done by a retired accountant.
What would be put down in the tax registration form for the name of the accountant?

Thanks
Shady

kennyb3

Both your statutory company and revenue obligations can be completed by yourself or a retired accountant. Please dont confuse the 2.

Revenue obligations - P30's, vat returns and RCT during the year. P35, CT1 (corporation tax) and 46G after it.

Statutory obligations - B1 together with abriged accounts to CRO. It is extremely important to get the disclosure right in terms of abriged accounts.

Hope this helps,

Brian

J.Ryan

censuspro wrote: »

Are you sure you need an "Audit" and not just preparation of the Annual Accounts. There are three types of companies obliged to have their accounts audited.

1. Companies that have a turnover of more than circa €7million.
2. Companies that are required to have an audit by some other statute e.g. financial service providers, management companies, solicitors and charities.
3. Companies that were late filing their previous annual return.

.....

4. Companies that will be late filing their current annual return.


OP, what is the year end of the company, one of your posts in the future tense,

Just to clarify
-There will be no stock on the premises

Slim Shady

Year end is dec31st
There is NEVER any stock, we don't keep stock.

EamonOSullivan

In answer to the OP I think it is becoming clear that an audit of the company is not required.

Perhaps your retired accountant that helps you with the books doesn't have the confidence ( or the Professional Indemnity Insurance, practising certifitcate and so on ) to file the accounts?

If I was you I would ask him to get a set of recently prepared accounts from another company to get the formats and information right and take it from there.

Slim Shady

Thanks everyone for your help. I just like to know these things. Because my year ends on the 31st of December. Should I file the return before, after or on the 31st of December?
BTW the accountant is a she.

kennyb3

Slim Shady wrote: »

Thanks everyone for your help. I just like to know these things. Because my year ends on the 31st of December. Should I file the return before, after or on the 31st of December?
BTW the accountant is a she.

After.

The B1 has to be accompanied by abriged accounts - these can only be prepared after the year end.