I think some of you don't understand what's happened here.
Companies' accounts have to be audited, and signed off by the auditors. Auditors are always external companies. Auditors don't really check the numbers, they check that the systems that are in place at the company are robust, that nothing is omitted, and that the way in which complex transactions are treated are in line with company legislation. Different companies may have different ways of (for example) amortizing assets. There is no single right way, there are many right ways as well as (obviously) many wrong ways.
When the audit is complete - and it may have to be held on the premises of the company to count stock etc - then the auditors can sign off the accounts and submit them to Companies House. Normally companies have nine months to submit accounts from the end of their financial year. Because of the difficulties caused by Covid, auditors have been struggling to complete their work on time. The government extended the deadline by three months to take account of this. So the deadline is now 12 months after the end of the financial year. Some football clubs have not submitted their accounts after nine months, but the EFL has decided to act as though they should have done. Some of the clubs have submitted unaudited accounts (ie not yet signed off), but that doesn't seem to be enough.
The EFL is on thin ice here, because these football clubs are still within the law, but not apparently within the remit of the rules of the EFL. When the rules of an industry body diverge from company law, there's only ever one winner, and it's not the industry body. The EFL is probably freaking out because they suspect lots of football clubs are trying to pull fast ones. It's the EFL's fault though, because if they'd imposed and enforced fit and proper ownership rules, there's be no need to suspect clubs of being devious.
Companies' accounts have to be audited, and signed off by the auditors. Auditors are always external companies. Auditors don't really check the numbers, they check that the systems that are in place at the company are robust, that nothing is omitted, and that the way in which complex transactions are treated are in line with company legislation. Different companies may have different ways of (for example) amortizing assets. There is no single right way, there are many right ways as well as (obviously) many wrong ways.
When the audit is complete - and it may have to be held on the premises of the company to count stock etc - then the auditors can sign off the accounts and submit them to Companies House. Normally companies have nine months to submit accounts from the end of their financial year. Because of the difficulties caused by Covid, auditors have been struggling to complete their work on time. The government extended the deadline by three months to take account of this. So the deadline is now 12 months after the end of the financial year. Some football clubs have not submitted their accounts after nine months, but the EFL has decided to act as though they should have done. Some of the clubs have submitted unaudited accounts (ie not yet signed off), but that doesn't seem to be enough.
The EFL is on thin ice here, because these football clubs are still within the law, but not apparently within the remit of the rules of the EFL. When the rules of an industry body diverge from company law, there's only ever one winner, and it's not the industry body. The EFL is probably freaking out because they suspect lots of football clubs are trying to pull fast ones. It's the EFL's fault though, because if they'd imposed and enforced fit and proper ownership rules, there's be no need to suspect clubs of being devious.