Businesses may misstate their financial performance and records making them think that they are more profitable than they actually are without proper audit. Audit preparation is crucial to give a clean opinion. A provider of tax services in Philadelphia, Pennsylvania can help you keep financial records that are not materially misstated. Here are ways you can successfully audit:
- Plan for the audit
Additional time and resources are needed to plan and set expectations for the audit. Depending on how complex your financial records are, preparation may take a few weeks or even months.
- Keep up with the accounting standards
Every year, accounting standards and legal and regulatory requirements are updated. Partner with a provider of financial services in Pennsylvania to keep up with the accounting developments.
- Assess organizational changes
Material changes in the organization may affect the auditing process, so if the company has already been audited before, changes from the last audit should be taken into consideration.
- Learn from the past
Learn about the past year’s recommendations and notes to adapt and make sure that past mistakes are not repeated.
- Organize data
All schedules and working papers should be organized. Prepare to submit fiscal year budgets, general ledger, transaction records, invoices and bills, and financial statements.