COMPILATION OF THE STATUTORY FINANCIAL STATEMENTS (LLP AUDIT)
The purpose of this schedule to our engagement letter is to set out the basis on which we are to compile the statutory financial statements and perform other accounting services.
1. RESPONSIBILITIES OF THE MEMBERS
1.1 Your responsibilities as members of the limited liability partnership are set out in the Schedule of Professional Services - Audit: LLP.
1.2 Where applicalble, you have agreed that your staff will be responsible for:
• keeping the record of receipts and payments;
• reconciling the balances monthly with the bank statements;
• keeping posted and balanced the purchase and sales ledgers;
• preparing a detailed list of ledger balances;
• preparing details of the annual stocktaking suitably priced and extended.
1.3 You have undertaken to make available to us, as and when required, all the limited liability partnership’s accounting records and related financial information, including minutes of management and members’ meetings necessary for the compilation of the accounts and you will make full disclosure to us of all relevant information.
2. ROLE OF THE ACCOUNTANTS
2.1 You have asked us to help you compile the statutory financial statements in accordance with the requirements of the Companies Act 2006 (as applied to LLPs) and with the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. We will compile the annual financial statements for your approval based on the accounting records maintained by you and the information and explanations given to us by you. In carrying out our engagement we will make enquiries of management and undertake any procedures that we judge appropriate.
2.2 We have a professional duty to compile financial statements that conform with generally accepted accounting principles from the accounting records and information and explanations given to us. Furthermore, as members, you have a duty to prepare financial statements that comply with the Companies Act 2006 (as applied to LLPs), regulations made under that Act and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice (UK GAAP)). Where we identify that the financial statements do not conform to UK GAAP or if the accounting policies adopted are not immediately apparent this will need to be disclosed in the financial statements.
2.3 Where applicable, you have instructed us to prepare abridged accounts under The Small Limited Liability Partnerships (Accounts) Regulations 2008 as amended by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016. Your responsibilities as members are to obtain the necessary consents and ensure the required statement is delivered to the registrar.
2.4 Our responsibilities as auditors are set out in Schedule of Professional Services - Audit: LLP..
3. OTHER ACCOUNTING SERVICES
3.1 We will also carry out the following services as your agents on the basis that you will make full disclosure to us of all relevant information:
• providing assistance in preparing and lodging returns with the Registrar of Companies; and
• investigating irregularities and fraud upon receiving specific instructions.
Updated October 2017