To an accountant, fiscal year end is a New Year’s Eve of sorts. Fiscal New Year, like New Year’s Eve, is about starting anew; new spreadsheets, clean accounts and elimination of aged items. Coming to the end of the fiscal year, much hard work is required. It is necessary to plug away like a trooper to “zero” your balances. Accounts must be in order.
“What if you don’t get your work done?” I hear you ask. If you do not adhere to your deadline, you are in trouble. If your accounts are messy, the auditors will scrutinise your work with magnifying glasses. They will sit at your desk and seek explanations. Apparently, this is a lot of work. If unsatisfied, they take out a big red stamp and deem you “non-compliant”.
This is supposedly a very bad thing. Are auditors like the Boogie Man of the corporate world? No offence to any auditors out there.