Every incorporated company is required annually to submit its audited accounts to the Federal Inland Revenue Service for the purpose of filing company income tax. This external audit ensures compliance with regulations.
Additionally, organisations may conduct internal audits for management purposes, applicable to both companies and business names.
Audit services play a crucial role in fostering trust in the financial information presented by organisations. They provide stakeholders with the necessary assurance to make informed decisions and assess the financial health of a business. Through thorough examination and verification, audits contribute to the credibility and reliability of financial statements.
External audits, mandated by regulatory bodies, ensure that companies meet their legal obligations and accurately report their financial position. On the other hand, internal audits serve as a valuable tool for management, helping identify areas for improvement, assessing internal controls, and enhancing operational efficiency.
Overall, audit services are instrumental in establishing transparency, accountability, and confidence in the financial reporting of organisations.
By conducting audits, businesses demonstrate their commitment to adhering to regulatory requirements and providing stakeholders with reliable financial information for decision-making purposes.