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There will be more expenses connected with audits. Audit firms may not perform non-audit services. There are eight categories of services that are specifically forbidden.oBookkeepingoFinancial system design and/or implementationoActuarial servicesoHuman resources or management servicesoValuationoInternal auditoInvestment advice or servicesoLegal servicesoAdditionally, theres the kicker Any other service that the Board determines is impermissible.Auditors tend to approve of companies who use their financial statements as tools to manage their businesses, rather than as unrelated propaganda for external users. If your accounts receivable/accounts payable ledgers are clean and up-to-date, and tie to the general ledger, and you can provide clear, transparent schedules for any questions the auditor might have, chances are you will have a clean, easy audit that will be a pleasure for both you and the auditor.For more information see:http://www.watters-cpa.com
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