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Audits and accounts

24 August 2016

A guide to keeping accounts and how an audit can benefit your business.

An audit is an official inspection of a company or organisation's accounts by an independent body.

A company can choose to be audited in order to prove to its investors or shareholders that its accounts are sound.

An external audit should also determine whether all financial reporting is in accordance with current accounting standards and legislation.

If a company ensures that its accounts, reporting and record keeping are in accordance with legal requirements, an audit should not be too taxing a process.

This article also includes information on:

  • Statutory accounts
  • Abbreviated accounts
  • Record keeping
  • Penalties and deadlines
  • Reasons for being audited
  • The audit process

To view this article in full, please click here

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