accountant wants to see AGM minutes

07734

hi everyone

i am the treasurer of an association, run as a company limited by guarantee. (was only elected treasurer a few months ago)

i moved the accountants to a firm i know and trust, and it is time for year-end accounts to be prepared.

one thing that the accountant is asking to view are the minutes of council meetings and of the last agm. i don't particularly have a problem with this, but was wondering if this is a normal request to make.

does anyone know about this?

thanks

07734

MBateson

I presume he is your auditor and not just your accountant. He's entitled to look at minutes etc. and more likely to do so now since the MUD act.

He could be looking for status of the transfer of common areas or something as I believe these should be disclosed in accounts.

07734

Ok, thanks for that.

It's nothing to do with apartment blocks/property, if that makes a difference.

MBateson

Sorry, I assumed it was, my mistake.

Regardless, if auditing he is entitled to see minutes etc. although not many would be so thorough without reason. Do you get funding from council? He might be checking going concern issues/income

07734

No, nothing like that. TBH it's reassuring to hear he is being so thorough!!

kennyb3

Its very normal. Its important in that it helps them a) understand your business b) make sure they don't miss anything that went on during the year or that was decided upon.

We'd ask all our clients for minutes of any meetings held during the year (be they associations, pension fund trustees etc). Never thought it be an issue

Companies limited by guarantee have to be audited by the way.

07734

Thanks guys, that's a great help.

dbran

HI

Usually ask to see them for companys limited by guarantee as often times there can be changes of the directors which have not been notified to the CRO by filing a B10 and can only be captured into the accounts by reviewing the directors minutes.

Also not having an AGM is an indictable offence under company law.

Not usually a tax issue though.

dbran

galdon

Hi,

A bit late with this I know but it is not an unusual request for any auditor to request AGM minutes. In fact, under CAI it is standard practice to read the minute book therefore it should be a request of all auditors.

The main point I wanted to query was with dbran - where have you seen that the failure to hold an AGM is an indictable offence? As far as I can tell it is not (as per the ODCE 2011 annual report).

From my understanding, the failure to file an annual return is an indictable offence however a reporting obligation does not arise as a relevant prosecuting authority has already initiated and concluded enforcement action in respect of the circumstances giving rise to the indictable offence i.e. late filing fee imposed by the CRO?

Perhaps someone could clarify?

Thanks