»Ê¹ÚÌåÓýapp

Companies which are charities and meet the general conditions and whose turnover is greater than £90,000 but not greater than £250,000 also qualify for exemption from audit provided that a `reporting accountant’s report� is provided in its place.

Content of report

»Ê¹ÚÌåÓýapp reporting accountant’s report should state the name of the reporting accountant and be signed by him or her.

It should state whether, in the accountant’s opinion

• the accounts are in agreement with the company’s accounting records
• having regard only to, and on the basis of, the information contained in those accounting records, the accounts have been drawn up consistent with Companies Act requirements
• the company is entitled to the exemption.

»Ê¹ÚÌåÓýapp fact that accounts are in agreement with accounting records and have been drawn up consistent with Companies Act requirements does not mean that they are necessarily `correctâ€�.

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Reporting accountant

»Ê¹ÚÌåÓýapp reporting accountant must be a person who is entitled to engage in public practice, who would otherwise be eligible for appointment as auditor of the company (and who must therefore be independent of the company) and who is also a member of one of the following bodies

• »Ê¹ÚÌåÓýapp Institute of Chartered Accountants in England and Wales
• »Ê¹ÚÌåÓýapp Institute of Chartered Accountants of Scotland
• »Ê¹ÚÌåÓýapp Institute of Chartered Accountants in Ireland
• »Ê¹ÚÌåÓýapp Chartered Association of Certified Accountants
• »Ê¹ÚÌåÓýapp Association of Authorised Public Accountants.