Technical factsheet 163 - Audit-exempt companies: ACCA accounts preparation report

Updated January 2024

Factsheet 163 provides ACCA practising members with guidance on engagements to prepare financial statements for limited companies and other incorporated entities. The guidance outlines the minimum requirements for an accounts preparation engagement and it is not exhaustive of any additional work or procedures that the practitioner might consider appropriate in the context of a specific engagement or that have been agreed with the client.

In particular, the factsheet primarily deals with the ACCA accounts preparation report, which is a cross-profession report agreed by the Consultative Committee of Accountancy Bodies (CCAB) aimed at the preparation of accounts of incorporated entities. In this guidance references to accounts preparation engagements can be considered interchangeable with references to compilation engagements.

The guidance covers entities which are exempt from the requirement to have their accounts audited under relevant legislation.