What To Do When The Audit Ends
Financial audits conducted by outside experts are among the most effective tools for revealing risks in non-profits. They help assure donors and other stakeholders about your stability — so long
Financial audits conducted by outside experts are among the most effective tools for revealing risks in non-profits. They help assure donors and other stakeholders about your stability — so long
If you operate a small business, or you are starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should
Many people are currently working from home to help prevent the spread of COVID-19. Your external auditors are no exception. Fortunately, in recent years, most audit firms have been investing
Auditors use various procedures to verify the amounts reported on your financial statements. In addition to reviewing original source documents and comparing trends from prior years, they may reach out
Audit season is right around the corner for calendar-year entities. Here is what your auditor is doing behind the scenes to prepare — and how you can help facilitate the
The IRS’ staffing shortages have been well publicized and audits of individuals have decreased in the past several years. But it is a mistake to assume that the agency has
Every financial transaction your company records generates nonfinancial data that does not have a dollar value assigned to it. Though auditors may spend most of their time analyzing financial records,
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage
Do you prepare internal financial statements for your board of directors on a monthly, quarterly, or other periodic basis? Later, at year end, do your auditors always propose adjustments? What
Are you comfortable communicating electronically with your auditors? If so, a logical next step might be to transition from on-site audit procedures to a more ‘remote’ approach. Remote audits can