Corporate Audits are a process in which a companies financial or operational procedures are reviewed to confirm they are operating within the tax law and upholding ethical standards. Audits can be done by internal members of the company, or external teams from independent companies. Lenders, investors or business’s themselves, can request an audit which ensures proper tax reporting is being done and things like tax evasion, embezzlement or other illegal activities are not. Auditors can also be concerned with other types of laws, such as protecting workers safety. In addition to regulatory reasons, audits can help improve the overall health of a company by examining areas of efficiency or effectiveness improvement opportunities.
Performing Corporate Audits
Audits are comprehensive, however they are extremely important for companies to have performed regularly. Our audit process includes several steps, including the following:
- Define Scope and Objectives for the audit
- Develop Review Criteria and Information Gathering
- Review all financials of the companies prior year(s)
- Report findings of Financials, Risks and Opportunities
- Identify and address immediate legal concerns with action plan
- Select top 3 actionable items to Improve Efficiency of Operations
We perform comprehensive audits and analyze the processes companies use to ensure their companies are operating properly all of the time. We work hand-in-hand with company employees and management teams to ensure there are transparent expectations and clear understanding of how their financials should be prepared and managed.
Interested in learning more about Corporate Audits?
Contact us today and learn how our CPA firm can support your Corporate or Individual Tax and Financial needs.