Audits can be a difficult challenge for a business to navigate, even if they are within complete tax compliance. Audits take up precious time and resources, and require a complete review of many controls and processes throughout a business. For this reason, it’s highly beneficial for an outside accounting firm to help a business prepare for a complete audit, due to the fact that this will save man hours and reduce the amount of audit fees, if the work is done correctly the first time. Check out more about Klingler CPA’s audit preparation services, below!
What an Audit Preparation Includes
Audit preparation is a very comprehensive process, and can take up to two months to complete (the industry standard is around 6-8 weeks). Here is what is included in a full audit prep with our firm:
- A complete review of all account balances.
- Comprehensive documentation of all balances, payments, and workpapers.
- Communication and responses to the auditor about inquiries.
- Preparation and writing of technical memos to send throughout the business.
- Creation and distribution of audit preparation checklists.
- Preparation of all financial statements and disclosures in the company.
- A full review of internal controls, regarding IRS compliance and financial movement.
Audit Firm Regulations
According to legal regulations, the firm that is conducting the audit of a business or individual may not be the same firm that is preparing that entity for the audit. This is important to keep in mind when looking for a CPA firm to conduct your audit preparation.
Call for a Consultation, Today!
If you or your business are in need of audit preparation services, then don’t hesitate to give our team a call for a consultation, today! The staff at Klingler and Associates has more than 40 years of experience in helping Utahns with audits and financial reviews, and is well versed in the ever-changing tax laws in the state of Utah.