Audits are a fact of life in the business world, but they needn’t be causes for alarm or stress. Our accomplished team can get you audit-ready in a timely and cost-efficient manner that not only addresses the inquiry at hand but also refines your accounting, reporting, and compliance procedures to help you be better prepared in the future.

A small business audit is an examination of a business’s accounting books and tax returns to make sure they are accurate and comply with relevant laws. Many businesses conduct an annual internal audit. 

In all cases, an audit is simply a quality control measure to ensure the accuracy of your financial records. You can either provide a physical copy of your books or set up the auditor with login access to your accounting software. The auditor usually will check a year’s worth of financial data. Ideally, your financial records—whether kept in physical files or electronically—should be well organized by year and category of income or expenses. Otherwise, an audit might take much longer than necessary.

When an audit is finished, you should receive an audit report. The audit report will contain a statement about the auditor’s identity, the scope of the audit, and whether the auditor found the company’s financial records to be accurate or not. Audit reports generally follow a certain structure to comply with generally accepted accounting principles (GAAP).

A small business audit is never fun, but there is no need to fear the possibility of one. In fact, an internal audit can be a welcome way to spot business inefficiencies and

plan better for the future. Even external audits can help you stay on good terms with shareholders, investors, and lenders. As far as IRS audits go, they are nothing to fear either, as long as you are accurate about your income and deductions. At the end of the day, the best way to prepare for any business audit is to keep well organized financial records.

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If you find yourself in need of an Auditor, contact us!

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Accurate Record Keeping

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