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Audits are conducted for several reasons, one of them being to ensure that reports and financial statements conform to requirements. Audits also provide information on the business’s accounting and whether or not it is in order. Investors and other shareholders utilize audit information to understand the financial health of the business.
Furthermore, the IRS may conduct an audit through a statistical formula or through a process called a random selection and screening, or by what is known as a related screening where if a business partner or investor is being audited, their associates will be screened as well.
The important thing for a business is to be prepared for the audit and provide the auditor with the information requested. It is common that critical information may not be easily accessible for the business and may need to be searched for. For example, the IRS may ask for receipts and records of financial transactions that have been used to claim exemptions.
One of the key requirements in preparing for an audit is ensuring records are in place. Auditors are first and foremost accountants themselves and appreciate well-categorized entries.
Why Businesses Should Take Audit Preparation Seriously
Audit preparation can help a business organize their accounting and bookkeeping. However, the motto ‘begin at the very beginning’ can prove to be most helpful. Audits are about scrutinizing records and receipts. Solutions, such as automation, can help maintain records and track expenses, as well as locate receipts on demand. But software needs expertise to operate and thus could prove to be financially challenging for a startup or a small business.
At Analytix, we have been helping businesses address this challenge by providing scalable, outsourced accounting and bookkeeping solutions, including reliable record-keeping. We provide extensive and comprehensive business advisory services to companies poised for growth, including guiding them through financial operations. For more information on how we can assist you, call us at 781-503-9002 or email us at firstname.lastname@example.org.
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