As auditors, our responsibility is to provide an independent opinion on a company’s financial statements. However, this role is sometimes misunderstood, particularly by third parties who may attempt to rely on the audit report for purposes beyond its intended scope. This is where the Bannerman paragraph becomes important — acting as a disclaimer to clarify […]
The long-awaited changes to company and LLP size thresholds and changes to the content of the Directors Report have now been confirmed. On 9 December 2024, The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 (SI 2024 / 1303) were made (available here: https://bit.ly/40s4DZ5). The changes set out in the Regulations are effective […]
A company is allowed to shorten their financial year as many times as they like. The minimum period that it can be shortened by is 1 day. But a company cannot change its year end when its accounts are overdue. A company can only shorten the year-end for the current financial year or the one […]
It has been announced that new regulations increasing company size thresholds (also removing certain requirements from the Directors’ Report) will be effective from 6 April 2025 via the government publishing The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024. New monetary size threshold changes (effective from 6 April 2025):- Micro Small Medium […]
The two companies failed to maintain a registered UK address (which is required by the Companies Act 2006), having changed registered addresses multiple times since they were incorporated and with one registered to a residential address where there are over 41,000 companies registered (this address is now under investigation by the Insolvency Service). Also, after […]
In late 2022, the implementation date for ISQM1 was fast approaching and many firms were frantically trying to finalise their Systems of Quality Management (SOQM) and get this in place (checking objectives, that risks and responses were all appropriately identified, assessed, documented and getting ready for implementation). One year later many firms were once […]
As readers will be aware, the new versions of UK Accounting Standards were issued in September 2024. The changes mandated within these updates take effect for accounting periods commencing on or after 1 January 2026, with early adoption permitted, this is an all-or-nothing approach, meaning that these amendments cannot be applied in part. While early […]
Companies House have published their first ever strategic intelligence assessment and the following are key observations from the assessment: “Register of Overseas Entities: Thirty thousand entities were registered on the Register of Overseas Entities by December 2023 – over 90% of the total register. By November 2022, 1% of all UK properties […]
Following the conclusion of the most recent meeting of the Financial Action Task Force (“FATF”), their Press Release indicates the following amendments to the FATF Grey List: (https://lnkd.in/eneMHPgn) “Jurisdictions under Increased Monitoring: Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist […]
