I was wondering if you have been able to clarify this for us yet? I can't remeber which thread the issue was raised on, but it was the question of exactly what is meant by providing draft accounts for limited companies (do they need to be approved by an accountant or just by the directors for companies beneath the audit threshold?).
There is a meeting this week (Thursday) where it is to be put into a checklist, rather than terminology which varies depending on how you read it, or if your in education compared with industry.
It has become clear it is a confusion between education and industry.
They mean: Draft accounts are final accounts before they are signed by the director.
So the in practice meaning would be: a bookkeeper completes the final accounts in draft, handing to the client to sign. The client then gets an accountant to check in case there are any changes/amendments needed for corporation tax etc.
However, the client doesn't need an accountant by law, so they could just sign it and submit it. Also I guess the accountant could make adjustments anyway?
I think if your an ICB member you should attend the ICB seminars as I bet this will be a subject discussed.
