An audit is not just a regulatory requirement — it’s a health check for your business. Yet many businesses treat it as a last-minute exercise, leading to errors, penalties, and strained relationships with regulators. Common mistakes include poor bookkeeping throughout the year, missing supporting documents, inconsistent GST filings, and failing to reconcile bank statements. A well-prepared audit not only keeps you compliant but also gives you a clear picture of where your business stands financially. The key is preparation, and that starts months before the audit date, not days.
5 audit mistakes businesses make — and how to avoid them Service: Audit & Taxation
