In many situations, independent tax auditors can be an
indispensable asset to a small business. However, not all businesses need them,
and, for these businesses, they can be an unnecessary expense. As such, it’s
important to know how to tell whether or not you need an auditor, and, if so,
how to hire the right one
Assess Your Need
You may need an auditor to assist you if you are struggling
with and/or don’t understand some or all of the following:
l Your
general business, financial, and operations structures
l Accounts
Receivable management and confirmation
l Analysis
of account balances variances
l Tracking
and managing physical inventory
An auditor can do all of these things for you, helping you
to save time and money. You could even hire an auditor temporarily to teach you
how to do these things yourself. The bottom line, though, is that if you can’t
do these things yourself, you need to get some help quickly!
Selecting the Right Auditor
If you are in need of an auditor, it’s very important that
you choose the right one to meet your needs. Try and only hire auditors who are
listed on the International Register of Certified Auditors. These auditors are
some of the most qualified in the business and definitely know their stuff.
It’s also wise to choose an auditor who has experience in
your specific industry since not all businesses and business structures are the
same. Friends who work within your industry can often serve as a wonderful
resource for finding these types of auditors.
Working with Your Auditor
Once you’ve hired the right auditor, it’s time to get to
work! There are some things you’ll need to prepare and have ready for your
auditor so that he or she can do the most effective job possible. These
include:
l Fully
correct financial statements as requested
l Requested
records and documentation
l Contact
information for any people the auditor wishes to contact
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