Business Audit Accommodation

An audit in general examines your business’s financial records to verify they are accurate. Audits are performed through a systematic review of your transactions, financial statements, and accounting books. Many times, businesses will have routine audits each year.

Small business owners are responsible for maintaining accurate, organized accounting books to show all income and expenses. If not, audits will be more difficult and drawn out.

The different types of audits include:

• Internal audit: Initiated by you and conducted by someone within your business, an internal audit is usually done to prevent financial mistakes, check in on company goals, and examine business operations and management to make sure everything is running efficiently.
• External audit: These are performed by a third party, such as an insurance company, local tax agency, or the IRS to look at the complete picture of your business’s financial records or examine specific parts of your operations. The results are prepared by external auditors and written under auditing standards.
• IRS audit: These may take place because there was a discrepancy on your small business tax return or you were just randomly selected by the IRS for an audit. After you receive notice, we will guide and represent you through the process.

If you would like to sit down with us to discuss how we can help you with your tax and accounting needs, contact us for a free consultation.