Question

What do you mean by the close of financial year audit?

Answer 1

Answer:

The fiscal year-end close process is required to prepare the general ledger accounts for financial statement presentation and for the start of the next accounting process. The process continues until the financial statement audit and various reporting to the Office of the President are complete.

Explanation:

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Answer 2

Answer:

It is the accounting practice which is done at the end of the financial year to complete the previous accounting and close the previous year’s business accounting, is known as close of financial year audit.

Explanation:

Audit at the end of the year is known as financial year audit. A financial audit is an objective evaluation and examination of the organization’s financial statements to check whether the financial records are fair and accurate representation of transactions they claim to represent. It’s purpose is to reassess the adequacy and effectiveness of internal control.

Audit at the end of the year to complete and close the previous year audit is called close of financial year audit.

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