As a business owner you must conduct regular audits to streamline the financial records. However, many business owners get overwhelmed by extensive verification of transactions and financial records. For this purpose, the businesses hire accounting firms in Salt Lake City to complete different types of audits.
Training for Internal Audits
The internal audits are conducted within the business. Usually, the board members and shareholders conduct internal audits to outline finance-related information and recent transactions.
In addition, the accounting firms in Salt Lake City can help you design internal audits more effectively to propose financial improvements, check the business’s compliance with regulations and laws, and evaluate the risk management processes.
External Audits
The external audits are conducted by the tax agencies or accountants, but it doesn’t have any connection with the business. External audits entail GAAS (generally accepted auditing standards), which helps evaluate the accounting records to determine their accuracy.
At the end of the external audit, an audit report is created that outlines the financial records and missing or inaccurate information.
IRS Tax Audit
Accounting firms such as Larson & Company, certified public accountants help assess the filed tax returns to check their accuracy. The accountants outline the errors and discrepancies in the tax liabilities of the company to ensure on-time and proper tax payments.
Financial Audit
Financial audits are the most common audits and are external. During financial audits, the accountants and auditors analyze the accuracy and fairness of the financial statements of the business by reviewing the balance sheets and transactions.
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