How to Prepare & File Accounts and Appoint & Remove Auditors

This guidance note is a simple, user friendly and practical ‘how to’ guide for finance directors and company secretaries in relation to the accounting and audit requirements for private companies under the Companies Act.

The Companies Act 2006 requires that all companies must prepare and file annual accounts, therefore this guidance note covers the following:

• preparation of the annual accounts;
• accounts for micro entities and small companies;
• whether an audit is required; and
• the appointment, removal and retirement of an auditor.

This guidance note dovetails with our other relevant template documents, including board minutes, shareholder resolutions and consents and the Companies House forms for use when preparing the accounts and managing the audit process.

This document sets out the accounting and audit requirements with clarity and adds detail on the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, relevant for small companies. In particular, it covers the ability of small companies to produce abridged accounts and the unanimous shareholder consent required in order for a small company to prepare and file abridged accounts. Small and medium sized companies cannot file abbreviated accounts.

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