We assume that like every financial year, you have decided how you would like to distribute the profit or subtract the loss from reserve and surplus. The audit process has to be completed before you close the financial year. Make sure to check and verify the following points during the accounting audit process:
- All the accounting entries in all the bank accounts are reconciled correctly
- All the customer invoices have been entered and approved
- All the vendor bills are entered and approved
- All the expenses, their accounting dates, and accuracy are validated
