ICAEW.com works better with JavaScript enabled.

Preparing an audit report for Limited Partnerships

Published: 07 Sep 2017 Updated: 01 Sep 2018 Update History

This guide was last updated in September 2018 and is based on the relevant laws and regulations that apply as at 1 September 2018. The only changes since the last version of the helpsheet are to the use of the audit report section to reflect the release of Technical Release 01/03AAF (Revised).

This guide is designed to explain the main changes that are needed to the audit report of a limited partnership (LP) formed under the Limited Partnerships Act 1907, which is not a Qualifying Partnership and that does not prepare group financial statements, compared to that of a company. It does not seek to explain every difference, just the key areas to consider as a result of the differing legal and regulatory requirements.

There are no audit requirements for LPs in the Limited Partnerships Act 1907. However, an audit requirement is generally established under the terms of the Limited Partnership Agreement, and this helpsheet has been prepared on that basis.

The example wording in this guide has been adapted from the company examples in the FRC’s Compendium of illustrative auditor’s reports

For the purposes of this guide it has been presumed that the LP is not listed, is not a Public Interest Entity as defined by the EU Regulation and is not required nor has chosen voluntarily to report on how it has applied the UK Corporate Governance Code.

Terms and conditions

© ICAEW 2024 All rights reserved.

ICAEW cannot accept responsibility for any person acting or refraining to act as a result of any material contained in this helpsheet. This helpsheet is designed to alert you to an important issue of general application. It is not intended to be a definitive statement covering all aspects but is a brief comment on a specific point.

You have permission to use and reproduce this helpsheet on the following conditions:

The helpsheet is to be reproduced for personal, non-commercial use only and is not for re-distribution.

Download this guide

Access a PDF version of this guide to print or save.