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The time limit for businesses to submit financial statement audits
In competition in the marketplace, to continuously maintain and develop, businesses not only face competitive pressure but also must comply with financial management regulations. One of the most important factors in ensuring transparency and reputation in business operations is the timely submission of financial audit reports. This not only helps businesses control their financial activities but is also a condition for state agencies to manage and evaluate transparency. Below, Siglaw would like to point out the legal regulations on the deadline for submitting audited financial statements to help businesses clearly understand the deadline for submitting audits.
The role of financial statement audit
Corporate financial statements are a collection of economic and financial information presented by corporate accountants in the form of tables, providing information about the financial situation, business situation, and cash flows of the enterprise. Karma. The information in financial reports needs to be truthful and accurate, so people need to audit financial statements.
Thus, it can be understood that a financial statement audit is an activity performed by auditors and audit support personnel to collect information and audit evidence to evaluate the financial statements. be accounted for. The purpose of auditing financial statements is to provide opinions on the truthfulness and reasonableness of financial statements compared to currently applied standards.
Financial statement audit plays an important role in the process of managing and monitoring the financial activities of businesses. The role of financial statement audit is shown in:
- Authentication of information: auditing ensures that the information in financial statements is accurate and reliable. This provides transparent financial information to members, business partners, customers, and stakeholders.
- Compliance with legal regulations: audits ensure that businesses fully comply with regulations and accounting standards, reduce legal risks, and handle problems that may arise from non-compliance.
- Risk assessment: audits help assess financial risks and provide management information on how to mitigate them.
- Efficiency assessment: financial statement audits support businesses in evaluating their business performance by checking and comparing business results with set standards and goals.
Deadline for submitting audited corporate financial statements
According to Clause 4, Article 110 of Circular 200/2014/TT-BTC stipulates: “For enterprises whose financial statements are required by law to have their financial statements audited, they must be audited before submitting their financial statements according to regulations.” determined. Financial reports of audited enterprises must be accompanied by audit reports and financial reports when submitted to state management agencies and superior enterprises.”
Thus, the deadline for submitting audited financial statements coincides with the time for submitting financial reports.
Regarding the deadline for submitting annual financial reports, for state-owned enterprises, private enterprises, and partnerships, the deadline for submitting financial reports is 30 days from the end of the annual accounting period. For parent companies and state-owned corporations, by 90 days from the end of the annual accounting period, they must submit financial reports with audited financial statements to state agencies.
Submitting audited financial statements on time is not only a legal obligation but also an important step to building trust from members, customer partners, and government agencies. This not only helps businesses comply with regulations but also creates opportunities for self-assessment and improvement of internal business management processes. With the flow of the market, firmly grasping and performing financial statement audits on time is not only a responsibility but also an important strategy to protect and develop business value.
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