Which of the following is a benefit of maintaining accurate business records?

Maintaining accurate business records plays a crucial role in ensuring compliance with external audits. Accurate records provide a clear and reliable account of a business's financial activities, making it easier to demonstrate adherence to laws and regulations during an audit. This compliance is essential not only for the business’s legal standing but also for building trust with stakeholders such as investors, regulators, and customers. Accurate records can highlight the business's financial health and performance, which is vital when preparing for audits or tax submissions. By having organized, precise, and comprehensive records, a business can efficiently navigate the audit process, reducing the risk of penalties or negative findings that can arise from poor record-keeping practices.