Reporting accountant

The role of the reporting accountant is the cornerstone of the financial due diligence process. Where a company is seeking admission to Aim, the reporting accountant's main responsibility is to carry out due diligence on the company's financial position and report its findings to the Nomad. The Nomad will then use this information to help determine whether the company is suitable for Aim. 

The reporting accountant is independent of the company looking to list on Aim and can therefore provide a thorough and impartial assessment of its financial condition. The work produced as a result of its deliberations usually comprises the Accountants' Report (short form), the long form report and the working capital review.

The Accountants' Report is a re-presentation of a company's financial accounts as they will appear in the admission document. The long form report typically contains a detailed review of the accounting systems and controls, the suitability of these for the size and nature of the business, along with reviews of the personnel, business operations, tax position and detailed analysis of the issuer's financials.

The working capital review is a report on the company's financial projections. These projections form the basis for the directors to declare that the company will have sufficient working capital for at least 12 months following admission. We have acted as reporting accountant on more than 75 occasions, highlighting potential pitfalls or bottlenecks and advising on suitable solutions early in the admission process.

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