A small business audit doesn’t necessarily mean you’ll be dealing with the Internal Revenue Service. Small business owners can conduct internal audits on an annual basis. Either way, the audit process involves looking at accounting records and tax return numbers. The idea is to make sure your financial data is correct, and that it’s in line with tax laws.
What is a small business audit?
This is an examination of small business tax filings and financial records. The idea is to make sure everything is accurate. Accounting books and financial statements get looked at by either external auditors or internal auditors.
