Merriam-Webster defines an audit as a “formal examination of an organization’s (or individual’s) accounts or financial situation.” Audits technically come in all forms, not limited to your “books.” You can, for instance, have a qualified consultant conduct an energy audit to evaluate your home’s efficiency. As consultants in the accounting and financial services realm, we at Whyte & Associates in Rancho Cucamonga assess and assure the accuracy of financial statements for our business clients. Again, these services take on many different forms, depending at least partly on the clients’ goals.
Additionally, we have diverse clients that represent industries ranging from dentistry to auto repair. So, the specific services these clients need also depend on the type of business they operate. For instance, we have a rich history of successfully partnering with franchisees. Franchisors generally audit their franchisees to assure that they are correctly reporting royalties and generally adhering to the letter of their contracts.
More broadly, audits may also be needed when organizations seek:
Auditors essentially conduct analytic procedures. Our experienced and skilled team evaluates the information within your financial statements to determine if it is complete and sound. From there, we can recommend “material modifications” to your statements as needed. A full-scope audit assures balances and disclosures are accurately reported and that there are no omissions. Furthermore, the info is corroborated by examining documentation, third-party confirmation, inspections, and tests of internal controls.
On one end of the spectrum is the audit, on the other end is the compilation, and, somewhere in the middle, sits the review. The compilation takes the information provided by the client at face value when preparing the financial statement. The review dives deeper; the numbers within are verified, and the data is “tested” to assure its validity.
As noted, the audit goes even further with considerable testing to corroborate the compilation and statement. We also have considerable experience and expertise in representing clients who are being audited. We earned the highest credential awarded by the IRS: Enrolled Agent. We have unlimited rights in terms of the clients that we can represent, the tax matters that we can handle, and the IRS offices that we can go before when representing clients.
Experience for yourself the value that comes with partnering with an Enrolled Agent, a family-owned firm with 60-plus years of experience successfully representing individual, nonprofit, and business clients throughout the Inland Empire. Contact us at (909) 575-0080 to schedule your appointment today.
