Accrued Audit Fees Journal Entry
Audit Fees Payable / Outstanding Journal Entry Whe n a company conducts a n audit from a chartered firm to verify Books of Accounts and Financial Statements a nd also to identify any mistake, error and fraud, then that firm receives a fees known as " Audit Fees" from the compa ny . But, for i nstance, if the Audit fees is not paid to the audit firm for the current audit done by chartered firm, then it is called Accrued Audit Fees / Outstanding Audit Fees or Audit Fees P ayable for the company which is payable by it to audit firm for the current accounting period. The company records the following Accrued Audit Fees Journal Entry in the books of accounts: Audit Fees Expe nse Account XXX ...