How to prepare for an audit

How To Prepare For An Audit

Getting served with a notice of audit can be very scary. Many clients come to us in a panic, not knowing what to do. Here we will give you a step by step guide to help you prepare for an impending audit.

Step 1: first get your paper work in order

Ensure that you have the following 5 pieces of paperwork:

  • General ledger
  • Fiscal year budgets
  • Invoices and bills
  • Transaction records
  • Financial statements

 

Step 2: Go over everything with a chartered professional accountant

Speak to a chartered professional accountant about what strategy you’re going to utilize when it comes to addressing the audit. A professional accountant will be able to help you get your story straight and help you avoid making any legal mistakes. Government audits are high stakes, so having someone with experience on your side is truly invaluable.

 

Step 3: Develop a timeline & assign responsibilities

Ensure you have a timeline with specific details as to who is responsible for what. This way you will get through your audit without a hitch. Once you know exactly what your financial standing looks like, the audit will go by without issue.

 

If you still have trouble navigating this concept, its completely understandable. For more information please feel free to contact us at 778-989-5280 or email us at shirin@accountant-vancouver.com & if ever in doubt, reach out to a trusted CPA (Chartered Professional Accountant) for help and they will ensure that you don’t fall into any trouble.

Shirin Moshirfatemi is an experienced Persian accountant based out of North Vancouver which offers CPA services to English and Farsi speaking clients. With more than 20 years of experience, she understands that Persian accounting in Vancouver is invaluable to new comers. Finding a Farsi speaking accountant in North Vancouver which you can trust is invaluable. If you are new to Canada, you don’t need to worry because SMF is the one stop accounting firm for Persian & Farsi speaking accounting services. We work with great partners!

You can also find us through Salam Vancouver MagazineDaneshmand MagazineMeta Marketing, & Salam 118.

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