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PREPARING AUDIT READY FINANCIALS: BEST PRACTICES TO AVOID COMMON PITFALLS

For financial professionals, independent external audits of GAAP financial statements are an inescapable reality. For public companies, it’s a statutory requirement under SEC regulations and for many fast-growing private companies, it’s a necessity to meet the demands of lenders, VCs, and other stakeholders. There is even a possibility that the IRS could require a financial statement audit as part of a broader tax audit.

Ultimately, every audit boils down to the risk of a material misstatement in the numbers. The responsibility falls to you and your finance team to ensure that your financials present the lowest possible risk of such errors, thereby earning a “clean” (unqualified) opinion from your independent auditor.

To achieve a smoother process in preparing audit-ready financials, you need well-documented transactions, balances that are calculated accurately, and financial statements and backup documentation that can be produced in a timely manner.

Request access to our complimentary Sage Intacct portal where you can easily access our entire resource library including the below checklist as well as additional information, whitepapers, case studies, and more.


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