Now is a good time for companies to prepare for their year-end audits. However, many companies are unprepared. Depending upon the company is and it’s complexity, it can take several weeks to months to be prepared for the audit.
You should consider the following action items and questions before you start:
- Start early.
- Select your CPA firm early.
- Do you have enough qualified resources?
- Are your financial statements prepared in accordance with GAAP?
- Have you prepared the required footnote disclosures?
- Were there any significant changes in your business from prior years?
- Will this be a first time audit or review?
- Will this be a multi-year audit?
- Do you have time to adequately supervise and review?
- Did you have a system conversion? If so, did it go well or not?
- Bring in outside expertise.
Oftentimes, outside expertise is the best solution, since it enables your current staff to focus on their day-to-day activities and you simply cannot devote the required amount of time to the audit.
We specialize in helping companies prepare for their year ends. Please call us at (310) 330-6479 or email us at email@example.com to discuss your company’s needs.