Limited Liability Partnerships Manual
Our Limited Liability Partnerships (LLP) Manual provides you with the current and permanent file programmes needed to undertake an audit or audit exempt assignment for an LLP.
The manual also includes:
- accounts disclosure checklists covering the requirements of the LLP SORP and including FRS 102, FRS 102 Section 1A and FRS 105 for micro-entity LLPs;
- guidance notes that summarise the current legal accounting, auditing and reporting requirements for LLPs.
Our LLPs Manual can be browsed online or sections of content or commentary can be downloaded in Microsoft Word or PDF. There is also the flexibility to ‘customise’ a download suitable for your engagement. For every new assignment, you will need to navigate to our website to obtain the most up to date version.
- Guidance notes that provide you with essential background knowledge on the key aspects of LLPs and the relevant legal framework within which they operate. They cover the key aspects of the LLP SORP and of members' agreements.
- Example engagement letters for both audit (including groups) and audit exempt LLPs. There is also an example letter of representation. A group audit questionnaire is also included, along with a group audit instruction letter.
- Example auditor's reports (including groups) and accountant's reports, along with a statement of members' responsibilities.
- Example pro-forma accounts for full FRS 102, FRS 102 Section 1A (both full and abridged)and FRS 105 (micro-entity).
- LLP accounts disclosure checklists for small (FRS 102 Section 1A) and not small (FRS 102) LLP accounts are included, as is a checklist for micro-entity (FRS 105) accounts.
- Permanent file documentation that provides a structure for your permanent files and outlines the information required which is of continuing importance to an audit or audit exempt assignment over a number of years.
- LLP specific current file documentation comprising of two separate packs of documentation for audit (including groups) and audit exempt assignments. The audit documentation provides you with the planning, completion and detailed work programmes needed to undertake both a single entity audit and a group audit. Lead schedules and a current file index are also included. The audit exemption documentation provides you with the planning, completion and work programmes needed to provide an accountant's report on LLP accounts.
February 2024
The principal technical changes in this update include:
- Removal of content for periods commencing before 15 December 2021 as this is no longer relevant;
- Update of disclosure checklists for recent minor changes in accounting standards; and
- Best practice amendments.
September 2023
The principal technical changes in this update include:
- The inclusion of group audit documents which incorporate changes in relation to ISA (UK) 600 Special considerations - Audits of group financial statements (Including the work of component auditors);
- The introduction of a new (optional) statistical sampling approach; and
- The reconfiguring of the guidance notes.
Exciting new feature
We have also developed tailoring and customisation tools to help you filter out the irrelevant parts of the Accounts disclosure checklists through a series of questions. These are available in the 'Customise' screen within the menu on the right.
By selecting 'Yes' to the question 'Would you like to tailor your accounts disclosure checklist through a series of questions?', you will then be asked a series of questions. Answering these subsequent questions will filter down the disclosure checklist so that only the checklists / sections you require will be shown / available to download / included within the checklist downloaded.
March 2023
The principal technical changes in this update include the removal of content relating to the now superseded ISQCs and consequential amendments arising as a result of this.
In addition, a number of minor amendments / improvements have been made to other sections of the package, including updating engagement letters to reflect latest guidance.
April 2022
This major update to the methodology principally incorporates:
- ISA (UK) 315 (Revised July 2020) Identifying and assessing the risks of material misstatement;
- ISA (UK) 240 (Revised May 2021) The auditor’s responsibilities relating to fraud in an audit of financial statement;
- Consequential amendments as a result of the new quality management standards; and
- Updates in respect of the new SORP issued in December 2021.
December 2021
This update to the manual incorporates:
- Amendments as a result of the publication of the FRC Bulletin: Illustrative Auditor's Reports on United Kingdom Private Section Financial Statements (August 2021);
- Best practice amendments from internal review and client feedback.
May 2021
This update to the manual incorporated:
- Use of audit data analytics - A number of changes have been throughout the manual to encourage teams to consider the use of audit data analytics (ADA) on audit engagements. These changes principally focus on the use of ADA as part of the risk assessment, selection of high risk transactions for testing and stratification of populations to assist with sampling, although teams are encouraged to consider its use in other areas, with revisions to planning forms providing prompts for you to record its planned use. Given the audit quality and efficiency gains which can provided by the use of ADA, a new planning form (B20) has been added for teams to appraise its use on engagements and record why ADA was or was not considered appropriate to use. Where the use of ADA is intended, a number of other revisions have been made throughout the manual to help you record and reflect on the results from its use.
- Reporting on irregularities, including fraud - Following the ICAEW publication of 'How to report on irregularities, including fraud, in the auditor’s report - Guide for auditors reporting for the first time' in April 2021 and the comment that 'how the auditor developed their explanation, and the areas considered, would be expected to be documented in the audit file', we have added a new A29 Reporting on irregularities, including fraud in the auditor's report in the Audit Methodology and also an additional test on A21 for the RI to confirm their approval.
March 2021
FRC Ethical Standard 2019 - This update includes a revision to the Audit Manual ethical forms (B12 and B13).
Brexit - Changes from company law and financial reporting standards have been incorporated throughout.
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