Preparing an audit report for Qualifying Partnerships
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 guide 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 pension scheme compared to that of a company. It is designed to explain the main changes that are needed to the audit report of a limited partnership which is a qualifying partnership (QP), 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.
The audit requirements for QPs are set out in the Partnerships (Accounts) Regulations 2008 (“the QP regulations”), which contain specific details of how the accounting and auditing provisions of the Companies Act 2006 apply to QPs.
The example wording in this guide is designed to explain the main changes that are needed to the audit report of a pension scheme compared to that of a company. It has been adapted from the company examples in the FRC’s Compendium of illustrative auditor’s reports.
For the purposes of this guide is designed to explain the main changes that are needed to the audit report of a pension scheme compared to that of a company. it has been presumed that the QP 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.
Where the QP is the parent entity of a group, refer to the separate group guides for guidance on how to amend the audit report to deal with the auditor reporting requirements for a group.
The guidance in this guide suggests options for how QP audit reports can comply with the requirements of the Companies Act 2006, the QP regulations and International Standards on Auditing (UK). However, provided that the audit report complies with the applicable requirements, audit firms may prefer alternative ways of presenting the required information.
Note to users
The following ICAEW guides and articles may also be helpful:
Terms and conditions
© ICAEW 2021 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.