I currently do the accounts and self assessment for my dads very small business.
He is applying for pensin credit and they have asked to see certified accounts.
As a bookkeeper (not accountant) does anyone know if my accounts are sufficient and if so would I simply sign them?
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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I don't think IAB put blockages in place like ICB do (I have just changed from ICB to IAB) I believe the ICB forbid certifying accounts, they forbid doing any bookkeeping for Limited Companies I believe too).
Would say that the only possible thing stopping you from signing and certifying the accounts is because it is your family - do you have the same surname as your Dad? then the pension company may frown upon this - if this is the case do you have any friends who are also member of IAB who could sign it for you and you return the favour to them if they need it sometime.
Hi Alison, I've never heard that the ICB forbid doing bookkeeping for limited companies before. Where did you hear that please? I can't see how that is true seen as there are alot of Ltd companies that advertise for bookkeepers on their website?!
Thanks for that info. My surname is different from my dads so should be ok. Would you just simply sign the front sheet of the accounts or is it necessary to use any wording.
Sorry for the questions, just never needed to do this before.
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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I heard the thing about Limited Company from someone on a forum who had phoned up ICB about payroll services, they were not allowed to do payroll services without taking the level 3 payroll exam and believe they said that they were also told you could not do Limited Company bookkeeping - was either alltogether or until you had passed the level 3 diploma in manual bookkeeping - so those only wanting to do the computerised bookkeeping or just go to level 2 bookkeeping were being penalised even though their experience meant they were skilled enough to do the bookkeeping of Limited Company bookkeeping.
I would think that on the front sheet it would need to say something about the accounts have been prepared directly from all the bank statements, invoices, books and all other records provided to you which to your knowledge are complete, think it would need to say something about not being audited (think only qualified auditors can sign it as being audited).
Any company that I have ever dealt with that wanted a set of accounts certified had to be signed by an accountant who was a member of one of the few bodies - I'm not sure about ICB or AIB as these are bookkeeping associations and not accounting associations.
As for the ICB, not allowing work done on Ltd co or payroll, it makes sense that you need to pass the exams at that level. They do not allow you to do the work if you use their logo/name/crest etc in selling your services.
I've done AAT, I don't know whether they would allow that? does anyone know the answer out of curiosity????
AAt members are allowed to sign off un-audited accounts. In fact anyone can sign off un-audited accounts, there is no legal requirement for a person to have an accounting qualification. Most banks and insurance companies state that they will only accept accounts signed by certified, chartered accountants but the AAT has negotiated with them all to ensure that they will accept MAAT as a recognised qualification.
I would think that on the front sheet it would need to say something about the accounts have been prepared directly from all the bank statements, invoices, books and all other records provided to you which to your knowledge are complete, think it would need to say something about not being audited (think only qualified auditors can sign it as being audited).
Alison
There is a set format for supplying prepared accounts, VT is a good example and includes the necessary sheets for signature by the sole trader/director and for the accountant(whether qualified or not) Only qualified accountants are licensed to sign off audited accounts. As not many companies require an audit these days, it shouldn't affect our level of business.
I think it is nonsense that the ICB do this. They don't bother taking into account anyones experience (I had worked in accounts/bookkeeping for 12 years, then run my own bookkeeping business for 1 year before decided to start studying.
I am so glad I have joined a professional body - IAB, the ICB were unprofessional and incompetant. I paid for a practising certificate and months later still not received, they said because they had posted it meant I had received it, they said things never go missing in the post even though I had not received it, I only got my practising certificate eventually because I threatened to take it to trading standards. They always got things wrong, told me I was not allowed to become a full member when I had level 2 and 3 computerised but others on this forum said they were.
Alison
BackOfficeGroup wrote:
Any company that I have ever dealt with that wanted a set of accounts certified had to be signed by an accountant who was a member of one of the few bodies - I'm not sure about ICB or AIB as these are bookkeeping associations and not accounting associations.
As for the ICB, not allowing work done on Ltd co or payroll, it makes sense that you need to pass the exams at that level. They do not allow you to do the work if you use their logo/name/crest etc in selling your services.
I've done AAT, I don't know whether they would allow that? does anyone know the answer out of curiosity????
AAt members are allowed to sign off un-audited accounts. In fact anyone can sign off un-audited accounts, there is no legal requirement for a person to have an accounting qualification. Most banks and insurance companies state that they will only accept accounts signed by certified, chartered accountants but the AAT has negotiated with them all to ensure that they will accept MAAT as a recognised qualification.
thats good to know, if the situation arises in the future!
Thanks for all your replies, I shall quickly sign off the accounts and hope for the best.
As for the ICB limiting work, it does make sense to some extent but I do agree that an individual should be able to make their own decision based on their capabilities. Experience counts hugely!
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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
