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Why do accounts need to be audited?

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Anonymous

15y ago
Updated: 8/18/2019

To check that everything is correct.

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Wiki User

15y ago

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Related Questions

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.


Can you get audited after receiving a refund?

Yes, you can still get audited by the IRS even after receiving a refund.


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.


Do audited courses show on the transcript?

Yes, audited courses typically do not show on the transcript as they are not taken for credit.


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 happens to your tax refund if you get audited?

If you get audited, your tax refund may be delayed or reduced depending on the outcome of the audit.