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.
Note to users
The following ICAEW guides and articles may also be helpful:
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