For most businesses, the annual audit is expected to begin once the financial year is closed and the books are finalised. In practice, however, an audit rarely starts with just a Trial Balance. An efficient audit requires supporting schedules, reconciliations, confirmations, explanations for significant balances and access to relevant documents. When these are not available at the beginning of the audit, the process can turn…
With the financial year now concluded and the annual audit season underway, businesses are primarily focused on finalising their financial statements and completing the statutory audit. Alongside the financial audit, this is also the ideal time to undertake a comprehensive review of GST compliance to ensure that all GST-related matters pertaining to the previous financial year are appropriately addressed before the statutory deadlines expire. The…
