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How to always be sure your financial statements are accurate
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[QUOTE="Caramelle, post: 203262, member: 150"] [JUSTIFY]The best time to put the internal controls in place is before the business starts its operations. It is common for businesses to hire an accountant to help them set up an accounting manual, recording procedures, and internal control. Books of accounts are common requirements by taxing authorities and it is important to hire people who are knowledgeable about recording transactions. However, these things may be automated and businesses can purchase accounting software and have the application customized by an accountant. You will not just be interested in generating appropriate financial statements, you'd also want to ensure that you are filing accurate and timely tax returns and remittances. You may consider hiring an independent internal auditor who will perform procedures to ascertain the accuracy of your books, financial statements, as well as your employees' compliance with internal controls. External auditors are professionals who certify the fairness of the information on the financial statements. You'll normally hire them to issue an audit opinion on your financial statements. They perform audit procedures based on an audit program for a specific entity. However, they will not be around the whole year. Thus, your best bet is to hire an internal auditor who can do the audit year-round.[/JUSTIFY] [/QUOTE]
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How to always be sure your financial statements are accurate
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