What is Audit Fees In Accounting - Meaning And Journal Entry
It is a fees paid to chartered firms by the company for auditing the B ooks of Accounts , Financial Statements of the company for the accounting period in order to verify financial statements that should give reliable, true & fair view of financial statements to the Users of Financial Statements / Information . Audit Fees Journal Entry When it is paid to Qualified Chartered Firms or Auditors for checking books of accounts alongwith financial statements for the accounting periods, then following Journal Entry is recorded in the Journal of the company as shown below: Audit Fees a/c XXX ...