Consolidation for a company under Irish GAAP

CORK_ACCOUNT

Hi,

I am a newly qualified accountant and and currently doing interviews looking for a new job. Could anyone tell me if a small company preparing accounts under Irish GAAP who has a 51% subsidiary has to prepare consolidated accounts? The company I am interviewing for have a 51% subsidiary but don't prepare consolidated accounts.

Also I worked in a small practice while I trained so I don't have any experience with stock takes, auditing stock. The position I am applying for requires someone to deal with stock implantation & monitoring, what are the key points I should know in relation to this?? I have just been looking at internal controls etc from my FAE auditing book.

Any help appreciated!!

Thanks:)

dbran

Hi

A company is not required to prepare consolidated accounts of its group unless the group combined exceed the threshold of a large company for both its current and previous years ie any two of the following conditions are breached 1) Turnover €15,236,857, 2) Gross assets €7,618,428 and 3) staff 250.

I suspect you should be reviewing physical stock to stock records and vise versa, checking for cut off errors between goods dispatched and received and checked into the stock records and purchase/sales ledgers. Investigating any differences that are unexplained and reporting them. Investigating slow or obsolete stock that it is correctly valued and large value items.

Best of luck

dbran