Solicitors & Lawyers
Legal Phrases
Term: company audit
1.
A report prepared by a registered auditor on the state of a company's accounts. An audit is designed to obtain an independent opinion as to whether the accounts have been prepared properly, and whether the annual accounts represent a fair view of the financial position of the company, and safeguard the interests of shareholders. An audit must be filed annually with Companies House.
Usage: The audit represented a fair view of the company's accounts.
Related Words: public company; private company; auditor; annual accounts; annual returns.
Companies: Internal Governance – Directors Loans and Duties to UK Companies
Regulatory Compliance – Accounting Requirements under the UK Companies Acts
Business Structures – Limited Liability Partnerships
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