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09/2018 - UK - Mercia Limited Companies 14.0, Academies 9.0 and Audit Exempt 15.0

 

On Friday the 21st of September, we will release the latest Mercia content for Limited Companies, Academies and Audit Exempts.

Details of what the updates include can be found below. 

 

Limited Companies 14.0

  • Updates for the below revised auditing standards, which apply to audits of financial statements for periods commencing on or after 15 December 2017:
    • ISA (UK) 250 Section A – ‘Considerations of Laws and Regulations in an audit of Financial Statements’
    • ISA (UK) 330 ‘The Auditor’s Response to Assessed Risks’; and
    • ISA (UK) 505 ‘External Confirmations’
  • On 25 June 2016, the Financial Reporting Council withdrew ‘Practice Note 26 – Guidance on Smaller Entity Documentation. References to the practice note have been deleted.
  • Updates to example ‘Terms of Business’ within the example letters section of the manual for Data Protection Act and Money Laundering Regulations
  • Updates to example Audit Reports for positioning of the Bannerman disclaimer paragraph.
  • Updates to money laundering forms and guidance to reflect provisions of the 2017 Money Laundering Regulations and CCAB Anti-money laundering guidance for the accountancy sector.

Download the Mercia "What's Changed" documentation for Limited Companies 14.0 from the attachments section below to find out more.

 

Academies 9.0

  • Updates to the pro-forma accounts, accounts disclosure checklist and other relevant forms and guidance to reflect changes made to the  Accounts Direction 2017 to 2018 reporting requirements. This Accounts Direction must be used by academy trusts preparing annual reports to 31 August 2018.
  • Updates to relevant forms and guidance on regularity reporting to reflect the Academies Financial Handbook 2017, which became effective on 1 September 2018.
  • Updates to documentation and guidance for Reporting Accountant Guidance TP05 for 2017/18. The EOYC reporting engagement has a filing deadline of 28 September 2018.
  • Updates for changes to the FRC’s Auditing Standards effective for audits of financial statements for periods commencing on or after 15 December 2017.
  • Updates for General Data Protection Regulation and other relevant legislation becoming effective.
  • Updates for ICAEW guidance on the use of disclaimer paragraphs to help manage risk and liability to third parties.
  • Implementation of changes required by the 2017 Money Laundering Regulationsand CCAB Anti-money laundering guidance for the accountancy sector

Download the Mercia "What's Changed" documentation for Academies 9.0 from the attachments section below to find out more.

 

Audit Exempt 15.0

Download the Mercia "What's Changed" documentation for Audit Exempt 15.0 from the attachments section below to find out more.

 

Attachments

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