Reporting accountant
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 these findings to the Nominated Adviser (‘Nomad').
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 key reports produced as a result of the reporting accountant’s deliberations usually comprise the Accountants' Report (‘short form report’) for inclusion in the admission document (or, if appropriate, the Prospectus), the long form report (typically addressed only to the Nomad and company) and the working capital report (again addressed only to the Nomad and company). There are various other areas where the reporting accountant provides comfort and consents according to the particular circumstances.
What does the work involve?
The work produced as a result of its deliberations usually comprises the Accountants' Report (short form), the working capital review and the long form report. Each report is presented to the directors for comment before being finalised.
- short form report - is part of the admission document and sets out the historic financial information on the company. It includes an opinion from the reporting accountant that the financial information is true and fair for the purposes of the admission document
- long form report - is a detailed due diligence report on all relevant financial aspects of the company and will be prepared based on a scope set largely by the Nomad
- working capital review - examines forward looking financials to ensure that the statement made by the directors in the admission document - that the company has sufficient working capital for twelve months after listing - has been made after due and careful enquiry
Our experience
We provide reporting accountant services through Nexia Smith & Williamson, an independent company which works alongside Smith & Williamson to complement its specialist financial advisory services.
We have acted as reporting accountant on more than 75 occasions, highlighting potential pitfalls or bottlenecks and providing added value through advising on suitable solutions early in the admission process.
Contact us
Mike Bishop
tel: 020 7131 4226
email: Mike Bishop
Philip Quigley
tel 020 7131 4304
email: Philip Quigley
Natasha Lee
tel: 020 7131 4407
email: Natasha Lee
