Yep, I've attended over 1000 audits during an 8 year span as the District Director of H & R Block in Washington DC in the 1970's. Fortunately, none of them were mine. I was once audited after I left and became a diver in the Gulf of Mexico. Went to the Audit, the auditor looked very familiar and when she started going through my records, she remembered who I was. She was formerly from the Baily's Crossroads, VA, IRAS office and I'd attended a number of my clients audits with her. She had gotten married and transferred to the IRS office in Louisiana from Virgina. Once she realized who I was, the audit was over. We had a chat and that was it. Like she said, it would be a waste of her time and mine as she was sure it would be iron tight (it was). Interesting coincidence though.katbh wrote: - and no one wants to be audited.... it is harrowing!
sundaymorningstaple wrote:Unless your turnover exceeds 5M you do not need audited accounts.
So... you think a bank is going to take a set of financials that could have been completely made up? Unaudited means that no second set of eyes (eyes which can be sued for failure to follow the rules) has looked at your clever recording of revenues, expenses, and profits.katbh wrote:Company debit/credit cards are available for unaudited accounts.
Unless your accountant is actually handling all your transactions, he/she, registered or not, will always include a statement that the books are accurate, based upon the transactions they received. But, they will never comment upon the transactions themselves because they have been provided by you.katbh wrote:Your accountant is registered. They prepare your accounts and they have a fiduciary duty to ensure that what they report to IRAS is accurate. This gives you some protection. I know that banks will give low limit credit cards, and Visa Debit cards to companies with unaudited accounts - as long as the accounts have been prepared by a registered accountant.
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