Joliet Tax Preparation And CPA Services 815-374-7515

815-374-7515

Audit Services

Receiving an audit letter from the Internal Revenue Service can be really scary but you do not need to panic, Joliet Tax Preparation and CPA Services are available for you. We provide professional accounting and auditing services for your business and we take care of the IRS audit so you won’t have to worry. Unless you’re quite knowledgeable in handling IRS audit, it’s best to let the experts take care of it as it can be quite a complicated process. We also offer CPA external auditing services for firms who wish to have an unbiased view from a tax and accounting expert. The firm’s financial statements are thoroughly examined to verify that they are in accordance with accounting standards like the Generally Accepted Accounting Standards (GAAS). We act in the role of an independent auditor and provide you with expert advice on everything accounting and auditing. 
 
What is Auditing?
Auditing refers to formal inspection or evaluation of the company’s financial reports, to verify that they are accurate and are in line with the appropriate accounting standards. It is often performed by an independent or external party to ensure impartiality. Government officials like the IRS also perform audits on businesses and taxpayers to confirm the validity of their tax returns.
 
Types of Audit
There are 3 main types of audit: Internal audit, external audit, and government audit. 

  • Internal audit: An internal audit is usually performed by the employees of the firm and they use the accounting standards of the firm to carry it out. This audit type is done for the management and board of directors of the firm. The result of the internal audit is used to make decisions that help to improve managerial and internal administration. It is also useful in identifying errors or unprofitable aspects of finances and management of the firm before an external audit. 
  • External Audit: An external audit is usually carried out by a third party or a certified public accountant firm such as Joliet Tax Preparation and CPA Services. They provide an unbiased opinion when reviewing the financial reports. They also help to point out any errors or misstatements in the reports. If the opinion of an external auditor is clean or unqualified, then it shows that the financial statements are accurate and trustworthy. Major stakeholders rely on the reports of external audits to make valuable decisions concerning the firm. External auditor Joliet offers excellent auditing services and expert advice based on the financial statements.
  • Government Auditing: The IRS performs the government audit and they are used to verify the accuracy of financial statements and taxpayers’ tax returns. The auditing is done to make sure that companies are not misstating their taxable income as that is considered to be tax fraud. If at the end of the inspection, a change was found in the tax returns and the taxpayer does not accept it, then the matter will be taken through legal motions.
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