The short answer is, it depends. Things to consider, when choosing the type or form of business entity: What is the business and how does it operate – is it an operating business or holding assets? What is the purpose of the business – is it your primary business, or… Read More»
The following holding periods are suggestion only. Federal, state, institution rules, and regulations may apply. ACCOUNTING RECORDS RETENTION PERIOD Accounts payable 7 years Accounts receivable 7 years Audit Reports Permanent Chart of accounts Permanent Depreciation schedules Permanent Expense records 7 years Financial statements (annual) Permanent Fixed asset purchases Permanent General… Read More»
Audits are generally requested by lenders, key stakeholders, grantors, investors, regulatory requirement, and by organizational documents. Audits provides a level of assurance that the financial statements and related notes are fairly stated. The auditor performs various audit tests, based on audit risk assessments of the entity, in order to issue… Read More»
