Small Companies - Purpose and scope
The Small Company area is aimed at the audit of small companies and LLPs with relatively straightforward operations. The programmes are therefore simpler and easier to use than other systems. They do not address the complex requirements of listed or public interest entities, nor do they address more complex areas such as groups or companies that carry financial instruments at fair value. Matters specific to specialist entities such as charities, pensions, clubs, academies or solicitors are also not covered as tailored products are available for such entities. It is therefore important to ensure that the system is appropriate for your audit and if necessary consider using the Private Company audit tool, or other specialist audit tool.
The product includes the following:
- the Excel audit programme, allowing both permanent file and current file audit schedules to be used;
- guidance and methodology specific to smaller entities; and
- example letters and reports specific to smaller entities.