why audit reports are dated 2 months after the end of the year?

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why audit reports are dated 2 months after the end of the year?

2007-11-20 23:03:16 · 2 answers · asked by Anonymous in Business & Finance ➔ Corporations

2 answers

It takes time to perform an audit. If you have a Dec 31 year-end, the accountant will need some time to close the a/cs before handing them over to the auditors, who will take at least a few weeks more. Auditors are supposed to date their audit report at the end of their field work, so that's easily 2 months after the financial year-end.

2007-11-20 23:59:23 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋

It is due to long preparation of the report for accuracy. Auditors usually prepare their own reports now. Unlike before, somebody is preparing the reports for them.

2007-11-21 07:09:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋