Financial audit is the first word that catches your eye when the letter opens. The financial auditor from the office announces himself for a financial audit and most entrepreneurs feel uncomfortable. There are three essential core facts for successful financial audit: completeness of the files, arrangement of the upcoming financial audit and briefing of your employees. With a structured preparation for the financial audit, you can look forward to the visit of the auditor calmly.
In the first fact, the tax office will announce the financial audit in writing. An appointment will be made which you should control for availability immediately after receiving the letter. You have 2 weeks from receipt of the notification to prepare for the audit. You have the chance of requesting a postponement of the scheduled appointment, but you have to give a good reason for this! If this is rejected, you have legal recourse. However, you should keep in mind that this can arouse initial appointments among the auditor.
The Financial Audit
The actual audit is carried out by the appointed auditor. The financial auditor requires a certain set of information and files in advance. You will be told exactly which information the auditor would like to see. Additional disclosures are not necessary and are also not advisable. The auditor corresponds with the persons you have previously selected.
The meeting takes place after the financial auditor. As a rule, not only the auditor himself is present at this meeting, but also his superior, who is usually more interested in the audit. Possible anomalies are discussed in the meeting. It is possible to find compromises in this conversation and to get the unanswered questions out of the way. For this reason, you should insist on this meeting unless it is scheduled by itself.
One of the most important questions when preparing for a successful financial audit is the question of possible weak points that the auditor could find. In small businesses, audits are based on inconsistencies in returns. The sooner you clarify the unclear cases, the sooner you can look forward to the smooth completion of the audit. However, if there are incriminating things, a disclosure can avert the worst. In this case, you should seek advice from your advisor and an experienced lawyer immediately.