At Whyte & Associates, Inc., we know audits. Steve Whyte, an Enrolled Agent, leads our team in Rancho Cucamonga, California. As qualified E.A.s, the team adheres to rigorous ethics and competency standards on an ongoing basis.
As the most prestigious credential the IRS awards, Enrolled Agents are not limited in their practice rights. They represent all taxpayers on all tax issues and at any IRS office. Our valued clients have considerable peace of mind in all audit preparation and representation matters. And they know our year-end tips and guidance on this front are equally sound.
Don’t leave audit matters to the last minute (or lesser expertise).
As each passing year winds down, the march toward one of the most critical business deadlines and activities heats up. Audit preparation truly demands and deserves, first, appropriate and time-sensitive and an intentional, tailored approach that complements your team and the nature of your organization.
We welcome any questions you may have regarding the following strategies and “action steps” as your trusted financial and audit partners:
- Get off to a good start by reviewing income and cash flow statements and balance sheets. Reconcile any inaccuracies or inconsistencies. Ensure that any financial statements and reporting clearly and accurately reflect your business’s actual financial performance and viability.
- Establish and maintain a sound “system” for data collection. By considering how the array of documents that add up to the audit process is organized well before any drop deadlines, you can easily retrieve a specific invoice, contract, receipt, or statement when we or other agencies and parties may request it. This facet of prep saves time and shows that you are an authentically transparent and accountable organization.
- Be aware of and ask us about any potential changes to standards and regulations that need to be accounted for before the auditors’ review. This awareness and continual monitoring supports healthy compliance and avoids risk exposure, penalties, and fees associated with failure to comply with evolving regulations.
- Engage early and often with us and any other auditing bodies or parties that may be involved; for instance, as a franchisee, it is essential to touch base with the franchisor as needed to assuage any lingering concerns about specific audit requirements within your organization.
- Mind your internal controls and data security measures, and ensure employees are on the same page regarding their responsibilities and related procedures. Time should be on your side regarding pinpointing and resolving weaknesses and building upon strengths on these fronts.
You do not have to go through this intimidating and scary process alone. Whyte & Associates, Inc. welcomes your questions and concerns. Call our team in Rancho Cucamonga, CA, today at (909) 575-0080.
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