Dundee financial services are invaluable if you need to carry out an audit of your business. There are various reasons why you may need one, and it’s important to recognise that an audit differs from preparing your statutory accounts. Below, we outline some of the differences.
An independent body carries out an audit, which is an official inspection of your organisation’s accounts. HMRC may decide to carry out an audit if they have noticed an abnormality on your tax returns. Alternatively, you may opt to be audited if you want to prove to shareholders or investors that your accounts are sound.
An external audit also determines whether your financial reporting complies with all of the current legislation and accounting standards. If you require an audit for any reason, get in touch with a financial advisor based in Dundee who can take you through the process.
Statutory accounts, on the other hand, need to be routinely compiled and filed every year. At the end of each financial year, your financial records will be used to put your accounts together. All UK businesses are legally required to send copies of their statutory accounts to Companies House and a company tax return to HMRC.
Accounts must also be provided, or available, to anyone entitled to attend the company’s annual general meeting. Again, accountants will be able to assist with these obligations. They can, for instance, help you to put together a balance sheet, which is essential for your statutory accounts, as well as other information including a director’s report and a profit and loss report.
Take advantage of the best Dundee financial services by getting in touch with MMG Chartered Accountants. We have over 500 years of combined experience, assuring you of a fantastic service. For more information, head to https://mmgca.co.uk. If you have any queries, you can also give us a call on 01382 322004.