In todays corporate scenario, it matters a lot that a company presents a true and fair picture of its financial records. Proper management of the financial accounting function has become essential for any enterprise. Thats why it turns out to be crucial for a business organization to get financial audit done in a systematic manner. The audit gives a right audit report that manifests a complete overview of the organization. It is being made at the end of a financial year. After the accounts are audited, it provides the assurance that the organization has complied with the compulsory principles, legal provisions, guidelines and practices have been given due consideration.

There are quite a lot of advantages that one can have from a appropriate financial audit executed by a professional auditor. The concerned person has full knowledge of the financial disclosure and in that way, takes care that the business establishments abide with the accounting norms as established by the accounting standards. The report that this person prepares aims to present the real picture of the financial position of the company. This report comes about being very valuable from every perspective, internal as well as external. One can identify capability and prosperity of an enterprise. If we have a discussion about the accounting part, then the process of filing the accounts and maintaining the books of accounts plays a key role. This documentation differs according to the type of company. The accounting and filing is administered in view of the fact that whether the company is private one or public one.

The financial documents prepared by the accounting division of the company mainly include profit and loss account, balance sheet, auditors report and directors report. Profit and loss account depicts the net profits earned or losses incurred by the company in a particular financial year. Balance sheet shows the net assets and liabilities of the company. The financial position and financial disclosures, if any are presented in the Auditor's report. The complete report on the financial functioning of the company is submitted in the Directors Report.
All these documents holds a significant importance from the point of view of the company as these not only serve the purpose of financial auditing, these also help the company in conducting the tax audit in UK that s mandatory for certain companies that cross the set threshold. So the company needs to take up the financial auditing services from a leading company to meet the legal compliant requirements of the company.