Who Needs An Audit
You may know that publicly traded companies must undergo professional external financial audits, but what about closely held businesses? While owners of privately held companies aren’t required by law to go through this exercise, partners, lenders and private equity companies may demand it. Will your company need an external audit?
Talk to a Pro
Even if you don’t require a loan or an audited financial statement, you may benefit from the information that an audit can reveal. Your accounting professional can help, for example, by offering ways your company can establish internal controls for accounts payable and receivable to improve accuracy and help reduce the opportunity for fraud.
Using information you provide about various internal and external factors, an accountant can also give you an objective opinion about the viability of your firm over the long term.
Consult Your Partner
Your accounting professional is a knowledgeable resource. Take full advantage of this relationship.
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