In an accounting and financial services in Malaysia, failing an audit is not something new for everyone who works in the industry where accountants are liable for these mistakes. That’s why most of the company hires someone who is professional when it comes to this field. This work really needs a better understanding, mindful, and responsible. Even the well-trained accountant sometimes can make mistakes but this is not the end for you to be afraid of. These mistakes can be corrected and controlled. You don’t have to worry about it.
Below are the common mistakes that you should avoid during your audit.
Inaccurate or Missing Records
You are required to keep up precise records that are utilized to help your month to month guarantee for reimbursement. And when the end of the day, yo must combine all of the information to figure out the quantity, reduced, paid that you have recorded.
Incorrect and Outdated Documents
When auditing, you are not just recording but also to check and update the documents when needed- of course! It is necessary. Every year, there are a few required records that must be shared with the people who looks for a record.
Missing the Deadline!
Most of the companies have a few due dates and reports that require submittal all through the year. Or the, Verification must be finished by the 15th day of the month, and all information revealed by the state due date, which is ordinarily before the year ends. There are compulsory staff training sessions, program monitoring, end of year financial reporting requirements, and different reports that are liable to change year to year.