Institute plans ‘mini-audit’

Institute plans 'mini-audit'

The ICAEW is to introduce a 'mini-audit' service to provide some kind of assurance document for companies below the £5.6m audit threshold

Michelle Fisher, chair of the ICAEW audit and assurance faculty, said there
was a ‘grass roots movement’ for the scheme, and was a voluntary product for
members to provide clients looking for more than just a compilation report.

The scheme is accompanied with a consultation on the financial information
requirements of businesses below the threshold. ‘We’re saying to our members ”
use it, test it, let us know [how it works]”,’ she added.

The move is, however, being treated with scepticism by rival institutes.
James Barbour at ICAS said he was ‘not convinced’ the market was there for the
service.

‘It’s difficult enough to explain the difference between audit and non-audit
to clients,’ he said.

‘Sub-audit reports have been tried before but not been successful,’ said an
ACCA spokesman.

A report by the Professional Oversight Board has called for an explanation of
the role of an accountant to be included within compilation reports, stating the
scope of engagement of the accountant, but without including an extra level of
assurance.

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