How often must accounts be prepared for submission to the authorities?
Accounts must be prepared on a twelve monthly basis for submission to the relevant authorities. The accounts must be prepared in accordance with FRS in compliance with the Companies Act. Every director of the company will be penalized in the event of non compliance. The Companies Act requires every company, except for those exempted in accordance with the provisions of the Act, to appoint an auditor to report on the companys financial statements. The auditors are to ascertain whether proper books of accounts are maintained to report on the true and fairness of the financial statements.
