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Audit Preparation Services

Take a look at our Audit Preparation Services page. Robert Staats CPA, LLC specializes in providing income tax resolution and accounting services, located in Lake Mary, FL, serving Seminole County and central Florida.

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Is your accounting team ready for this year's audit?  Are you ready?

The key to a successful audit is proper preparation. Inadequate preparation can cause delays, excessive audit fees, and noncompliance with SEC regulations or debt covenants. While your independent auditor is responsible for the audit opinion, preparation is your responsibility. Our experienced staff can get you audit-ready quickly and cost-effectively.

Benefits of Using an Outside Firm for Audit Preparation

An audit can be very demanding on your accounting staff. Key benefits of using an outside firm for audit preparation include:

  1. Saving staff time.  We can enable you to reduce the time your team spends on preparing audit documents. Companies can spend as much or more time preparing for an audit as the audit firm spends in conducting the onsite portion of the audit. When you use an experienced outside audit preparation service, your company saves signficant staff time.
  2. Reducing audit fees.  Auditors need well-organized documents to complete an audit efficiently. If you do not organize your financial records properly and prepare effective supporting analyses and schedules, your auditors will need to spend more time on their audit - at high billing rates. When you use an experienced audit preparation service, your company can save money by reducing the auditor's time spent collecting and analyzing information.

Can your audit firm prepare you for an audit?

No.  Regulations prohibit auditors from auditing a company and also providing audit preparation services to that company. You are on your own or you must hire an audit preparation consultant. An independent CPA firm, not associated with your auditing firm, is the best choice for audit preparation services.

We can help you prepare. With our years of auditing experience, we understand what auditors need. We will make sure that your books and documents are in order before the audit begins. If you fully prepare for the auditors before they arrive, your process will go more smoothly. We will free up your time before the audit, and enable you to remain productive.

We can also keep your records in order throughout the year, or work with you once a year just prior to your audit.

What is involved in audit preparation?

Before the auditors arrive, we can:

  • Plan & proritize the project
  • Compile your workpapers (see below)
  • Review and reconcile your accounts, and propose general ledger adjustments
  • Prepare financial statements, analyses, schedules, and footnotes
  • Respond to the auditor's technical questions on your behalf
  • Manage the audit process and outside auditor communication
  • Compile information for tax preparation

What are Audit Workpapers?

Workpapers are the schedules that you provide to auditors to support your company's general ledger balances. When you provide auditors with properly prepared workpapers, you save the auditor's time and show the auditor that your financal records are in order. Depending on your auditor's requirements, your workpapers can be either paper or electronic.  We can speak with your auditor and determine their preference.

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Tax Due Dates