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Annual Accounts
In this section, we plan to uncover some of the mysteries associated with the Annual Accounts that have to be prepared for a business. In general terms, unincorporated businesses (such as sole traders, partnerships, clubs and societies) don’t need their accounts audited.
In addition, the accounts for such organisations can follow whatever format that the manager or owner requires. In the case of a company, the position is quite different - other than companies which qualify for exemption from the need for an annual audit, all other companies are required to have their Annual Accounts audited by a Registered Auditor. In addition, the accounts themselves have to follow a very rigid format. There is very little flexibility involved.
Despite the differences between unincorporated businesses and companies, there are similarities in what the annual accounts show.
