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The SCR procedures online manual is designed to be used by smaller practices of accountants and auditors. Volume 1 deals with preparing and reporting on the accounts of typical small companies and audit compliance procedures. Volumes 2 and 3 cover the accounts and audit of specialised clients. Subscribers can download documents on demand throughout their subscription.
Volume 1 includes working papers covering assignments where the firm:
prepares accounts;
makes an assurance report;
prepares accounts and makes an audit report.
The working papers are designed to enable a firm to carry out the assignment efficiently and effectively, and to be able to demonstrate that it has complied with all relevant professional standards and guidance. The working papers therefore reflect requirements and guidance contained in:
the Companies Act 2006, as amended by statutory instrument;
auditing standards, practice notes, bulletins and guidelines issued and adopted by the Auditing Practices Board;
guidance issued by the audit faculty of the ICAEW;
the guides to professional ethics and guidance for members in practice issued by the major professional accountancy bodies and
the audit regulations of the major professional bodies.
The working papers are updated on a quarterly basis in order to reflect changes.
Whilst the working papers have been designed to deal with the "typical" small company, in practice no businesses is ever entirely typical The working papers should be used flexibly, and adapted to meet the individual circumstances of each client. Where subscribers already have satisfactory or partly satisfactory audit working papers, the scr working papers may be used selectively to augment existing documentation, or for dealing with accounts preparation and audit exemption report assignments.
The updates for the manual are generally sent to subscribers at the same time as those for small company reporting, during January, April, July and October, or depending on developments, in the end of the following month.
The detailed contents are as follows:
The first section of the file includes an outline of the regulations governing the audit exemption, a review of issues arising in accounts preparation assignments, and small audits, and explanatory notes covering the working papers.
The general working papers are designed for use in each of the types of assignment covered by this manual, and include lead schedules, showing the source of figures in the accounts, and schedules for recording points arising and their disposal.
The accounts preparation working papers are designed for use in assignments where the client prepares a cash book, and/or day books, and may or may not prepare and balance the nominal ledger.
Contains working papers covering audit exemption report assignments.
The small audit working papers are designed to be simple enough to use with smaller clients whilst at the same time meeting all the requirements of international auditing standards (UK and Ireland). The working papers include sections dealing with conclusions, planning and analytical review, a choice of an audit programme or audit plan, and optional sections dealing with risk assessment, sampling and assessing going concern.
The audit compliance working papers are designed to enable smaller practices to establish and maintain appropriate compliance procedures. In particular they are intended to:
help firms to identify weaknesses and omissions in their procedures;
provide a useful means of communicating key requirements and procedures to staff;
provide criteria against which compliance can be monitored;
provide a useful source of information for use by monitors and inspectors:
demonstrate that the firm is complying with relevant requirements.
This section of the manual contains material for dealing with statutory and non-statutory audits of pension schemes including:
explanatory notes dealing with the provisions Pensions Act 1995 and the regulations issued thereunder, the SORP Financial Reports of Pensions Schemes, PN 15 - The Audit of Occupational Pension Schemes in the United Kingdom, and the working papers in this section;
audit working papers based on the provisions of PN15 to be used in conjunction with the working papers in sections 2 and 5 of the file;
an accounts checklist showing the requirements for pension scheme accounts based on the statutory regulations, the SORP and accounting standards;
specimen accounts based on the content of the accounts checklist including examples of trustees' and auditors' reports for statutory and non-statutory assignments.
Part 8 - not used
This section of the manual includes:
notes explaining the. regulatory framework governing clubs and associations, including those registered as Industrial and Provident Societies and under the Friendly Societies Act 1974, the audit approach, the accounting requirements and the working papers;
audit working papers to be used in conjunction with the working papers in sections 2 and 5 of the file;
accountants report working papers, for use where a society takes advantage of audit exemption;
an accounts checklist showing the requirements for society accounts based on the statutory regulations, and the Financial Reporting Standard for Smaller Entities;
specimen accounts based on the content of the accounts checklist including examples of reports by the committee, reporting accountants and auditors.
Part 10 - not used
This section of the manual includes notes explaining the Solicitors' Accounts Rules and example working papers for use in accountant's reports made under these rules .