Most year-end business accounts are flawed

Spot checks carried out by the Business Registration Authority show that a majority of annual business accounts submitted last year contained errors.

The authority has conducted 106 spot checks of the 2,979 annual accounts it received in 2018. About half of the accounts had been signed off by accountants.

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Errors were found in 59 percent of the accounts signed off by an accountant and in 70 percent of those not signed off by an accountant.

The most common errors were found in the “Errors and omissions regarding mandatory data” category.

Translated by prosa.fo