Is it necessary for companies to conduct audits?
Yes, Auditing is mandatory for all Companies. In accordance with Company regulations, an auditor possesses to be appointed by every Companies. Each companies should confirm that auditor is registered as an Approved Auditor in listed within the Approved Auditors List.
When should Financial Reports be submitted?
Within 90 days following the end of the financial year, the company must submit its financial accounts to be audited by a Approved Auditor. If the company fails to meet this deadline, the company may be fined and its business trade license may be revoked.
What is the Audit Process for a Business?
A corporation is expected to keep all of its financial records for the previous five years. It is also recommended that these firm records be audited on a regular basis to avoid any unexpected surprises when the documents are submitted to the authority at the conclusion of the financial year.
There are numerous benefits to having a business audited, including assisting company management in understanding the current financial status of the company and assisting in the maintenance of financial records that are useful for filing taxes.
People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I’m actually as proud of the things we haven’t done as the things I have done. Innovation is saying no to 1,000 things. Steve Jobs – Apple Worldwide Developers’ Conference, 1997