Audits, The FRiSSE and CIMA

 

 

Auditors are experienced in this area by training and are subject to stringent regulation by their professional body. CIMA's do not train in this area of regulatory compliance as in itself, it does not contribute to the company's profitability.

 

Only companies with a turnover of above £6.5m are required by the Companies Acts to file a set of accounts at Companies House that have been audited. Companies with a lower turnover may dispense with this and can submit accounts covered by an accountants report. CIMA members are trained and approved to do this.

 

The filed accounts will be prepared from the companies books after a thorough review of the contents of Balance Sheet to ensure all assets and liabilities have been properly recorded. Numerical statements and the accompanying notes will be prepared in accordance with the Financial Reporting Standards for Smaller Entities (FRSSE) produced by the Accounting Standards Board.