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Why do accounts need to be audited?

Updated: 8/18/2019
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13y ago

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To check that everything is correct.

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13y ago
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Q: Why do accounts need to be audited?
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What is draft audited accounts?

A draft audited accounts: When the external auditors of a company have finished the audt of the company, a draft accounts will usually be prepared. It is called a draft because it is still subject to "alteration" as it has not been finalised. An external auditor will have to sign a fully audited accounts but will not append such signature unless the accounts is finalised in all aspects. So, we may say a draft audited accounts is an accounts already audited by the external auditors but which is still subject to alterations and will eventually become a final audited accounts onces all alterations have been effected and the accounts signed by both the external auditors and the board of directors of the company.


What is the difference between audited accounts and unaudited accounts?

the rough financial figure is called unauditted and financial figures audited by chartered accountants are called auditted


What is accountability audit?

A draft audited accounts: When the external auditors of a company have finished the audt of the company, a draft accounts will usually be prepared. It is called a draft because it is still subject to "alteration" as it has not been finalised. An external auditor will have to sign a fully audited accounts but will not append such signature unless the accounts is finalised in all aspects. So, we may say a draft audited accounts is an accounts already audited by the external auditors but which is still subject to alterations and will eventually become a final audited accounts onces all alterations have been effected and the accounts signed by both the external auditors and the board of directors of the company.


How do you spell autided?

Perhaps you mean audited as in being audited by the IRS


What is meant by write off of accounts what is write off of accounts?

Two possibl meanings :- The years annual balance sheet has been audited and thereby that years accounts are 'written off'. A possible debt owed to the business is said to be 'written off' if the payer goes out of business/ is liquidated.


What does 'Co. Ltd.' mean?

The full form of Co. Ltd. is "Company Limited." Investors or members of a limited company are liable only for what they have invested. In the Board of Directors there may be representatives from Govt. bodies and accounts must be audited by chartered Accountants.


Who are the persons responsible for ensuring proper maintenance of books of account?

The Bookkeeper is required to maintain the books. The accountant has to check the accuracy of the bookkeeper and finally the accounts are audited by he auditors to verify the completeness and accuracy.


Did sharon denise smallwood from 24th and tasker phila pa get audited this year?

The IRS does release names of people that they have audited. So there is no information if Sharon Denise Smallwood was audited this year.


Can a equity loan get audited for predatory lender?

If you feel you are a victim of predatory lending then by all means it should get audited


What is unqualified audited financial statement?

Unqualified audited financial statement is set of financial statements which are audited by external financial auditors and found "True and fair view" of financial statements and clear from any fraud etc.


Do you need to report income tax losses?

You need to report everything relate to money on your income taxes. This includes gains and losses. If you don't report this stuff you could get audited.


Can you claim on your current taxes the amount paid to the IRS after they have audited you and have requested the money be refunded?

this was from a previous years filing, they audited and it had to be paid back