Northern Society of Chartered Accountants

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Non-audit work: how to be compliant, cost effective and manage risk with Bill Telford

As fewer firms conduct audits, the accounts preparation and related functions are an increasingly important source of fee income.  They are not, however risk free. Recent ICAEW disciplinary cases have seen firms fined (or accept consent orders) in relation to improperly prepared accounts.

Content

• Agreeing the terms of engagement
• Ensuring that an audit is not required
• Agreeing terms of report
• Agreeing fees and liability caps
• Ensuring compliance with ethical standards, including anti-money laundering procedures
• Determining appropriate procedures
• Risk assessment
• Work programmes
• Reporting
• To clients
• To third parties

In addition to a detailed analysis of accounts preparation assignments the course will consider other typical non-audit assignments e.g. tax computations, payroll and management accounts, reports to third parties.