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Accounting systems serve two primary purposes: internal control and external reporting. Timely and accurate financial information is an absolute necessity in order to make sound management decisions. Audited Financial Statements consist primarily of the following: Opinion Letter Balance Sheet Income Statement Statement of Cash Flows Statement of Changes in Retained Earnings Notes to Financial Statements. In arriving at these the auditor will: Examines, on a test basis, evidence supporting the amounts and disclosures on the financial statements. Assesses the accounting principles used. This is a time consuming process and some of the factors influencing cost are: The quality of the internal bookkeeping or accounting system. “Quality” defined as being both comprehensive and accurate. Completeness of historical financial records. The size of the company in terms of origination volume, product types, number of locations/branches, number of employees among other things. Auditing is a requirement under the Companies Act.
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Send mail to ncr@cybernevil.com with questions or comments about this web site.General Information :
carlue@cwjamaica.com
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