You know you need an audit — but do you know how to prepare for it? From determining which type of audit you need to choosing the right firm, you need to follow specific steps to ensure you reach your goals.
1. Determine the Audit You Need
You will first need to decide what type of audit is necessary for your business. For example, a construction company would likely need a bonding or licensing audit.
Consider whether you need a balance sheet audit or a full audit. Single audits are another option, especially if your organization is a nonprofit receiving government funding.
2. Choose a Certified Public Account (CPA) Firm
Now that you know what type of audit your company requires, you should research CPA firms. It’s critical to find a reliable and trustworthy option to ensure you are getting the correct service from trusted professionals.
In many cases, you can find a firm specializing in your industry, increasing the CPA’s likelihood of conducting a dependable audit.
3. Start Preparing for a Financial Statement Audit
The last step is to prepare for the audit. Communication is crucial, especially for loan covenant or federal spending requirement compliance. Make sure you know the best way to communicate with your CPA firm. That way, you can convey important information, such as when your audit’s deadline is, to ensure the firm conducts it correctly.
It’s also essential to start gathering important documents and plan for the time it takes to work with your auditor. That way, it’s easier and faster for them to complete your audit because you are ready to assist as necessary.
Contact Marshall Jones Today for Audit and Assurance Services
If you follow these three steps, your audit will run smoothly without requiring extra effort. When you need to choose a reliable firm for an audit at your business, come to Marshall Jones.
Our audit and assurance services help gather financial records and show your management team the next steps. Whether you are trying to maintain or grow your company, our team helps you with audit and assurance services to satisfy government authorities and other entities that require them.
We use a risk-based audit approach, provide valuable recommendations and report our findings to the necessary parties. We have over 30 years of experience, and our services help you save by not requiring you to hire an in-house CPA.
Please contact the Marshall Jones team today for audit and assurance services!