answersLogoWhite

0


Want this question answered?

Be notified when an answer is posted

Add your answer:

Earn +20 pts
Q: Why does the companies act make it a requirement for public companies to be audited?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Continue Learning about Accounting

What is the audit requirement for public companies?

That depends of the laws of the country in which the company is registered. As you have not specified this in your question we can not provide you with a precise answer. Please take care to make your questions precise.


How to do audit of insurance company?

What kind of audit are you talking about. Audit's are done all the time on insurance companies. The Department of Insurance audits insurance companies to make sure they have paid claims that they should and not pay claims that they shouldn't. Auditing and accounting firms audit the finances of insurance companies as most of them are publicly traded companies so the SEC also has to approve of their finances. Insurance companies are audited every year and all the time.


Why do popular businesses have to make their accounts available for the public?

Popular businesses do not have to make their accounts open to the public if they are privately held, but publicly traded companies do. This allows investors to evaluate whether to invest in a firm or not.


How long does it take to get your income tax return back after you are audited?

Have patience and wait until the IRS completes the processing of your information and make any adjustment that they determine they need to make.


What does a public accounting worker do?

The general purpose of public accounting workers is to make sure people and companies follow the generally accepted accounting principles in financial statements. Public accounting workers also have a role within the income tax preparation industry.

Related questions

What laws apply to sweepstakes and contest to make sure they're fair?

Normally state laws require that sweepstakes are audited just like public companies. An audit team will take a look at the procedures in place and determine if they are fair.


What is the audit requirement for public companies?

That depends of the laws of the country in which the company is registered. As you have not specified this in your question we can not provide you with a precise answer. Please take care to make your questions precise.


What is a CPA degree and what can I go with it?

CPA stands for certified public accountant. These are the tax gurus that businesses use if they don't want to be audited by the IRS. They make a lot of money.


How many M16s are made in a year?

The companies that make them do not make the information easily available to the general public.


How to do audit of insurance company?

What kind of audit are you talking about. Audit's are done all the time on insurance companies. The Department of Insurance audits insurance companies to make sure they have paid claims that they should and not pay claims that they shouldn't. Auditing and accounting firms audit the finances of insurance companies as most of them are publicly traded companies so the SEC also has to approve of their finances. Insurance companies are audited every year and all the time.


Can companies make public issue without listing in stock exchange?

No. Every public issue of shares has to be followed by listing in an organized stock exchange.


Why do popular businesses have to make their accounts available for the public?

Popular businesses do not have to make their accounts open to the public if they are privately held, but publicly traded companies do. This allows investors to evaluate whether to invest in a firm or not.


How do you analyze the audited financial statements?

Look at it, and if it doesn't make sense, you're in the wrong line of work mate.


Do private limited companies make their profit public?

Some do and some dont itll all depend on the indevidual company :)


What is the cellphone number of the company of ice cream making?

There are too many companies that make ice cream to try to answer this. Also most companies do not use cell phones for public contact.


Which of these is not a responsibility of the state department of public safety?

issuing nutritional advice and products.


Who receives the profit of Public Limited Companies?

citizens of the country are the beneficiaries of the profit owned in a public limited company as it is owned by the governmental bodies of that country,so the profit is reused to make roads and other public facilities.