When should we send our accounts for audit?
The audit process typically takes on average between 6 to 12 weeks to complete depending on complexity. With the requirement to hold the AGM within 6 month of the year end (for most companies) and need for Fund Management Companies to file the annual submissions within 5 month of the year end.
This means that ideally, companys should aim to have their management accounts and financial statements ready for audit not later that two months after their year end. As many companies have similar year ends the workload tend to be priortised based on readiness of financial statements.
As Auditors we greatly appreciate accurate updates on the readiness of financial statements in order to plan resources. If you have reason to believe that you will need more time to prepare your account, please inform your auditors in advance.