Audit Success Strategies

How to Survive an Audit and ThriveBy

John Carrato and Bill Winberg

Presentation Outline

Introduction of SpeakersWhat is my risk for an audit?Be PreparedBe HonestClose

What is My Risk For Audit?

• Federal Agencies– IRS– US Dept. of Labor– SEC

What is My Risk for Audit

• State Agencies– IL Dept. of Revenue– IL Dept. of Transportation– IL Dept Empl. Security

What is My Risk for Audit

• Other Government Units– City of Chicago– Insurance Company

Be Prepared

• Preparations begin when you start your business

• Manage your audit risk – know your color• Have good internal controls that work• Know the rules and laws• Read your contracts and agreements• Hire good help• Tie production people to accounting needs

Be Honest

• Avoid stress and do it right the first time• Get it in writing to define audit scope• Review your records one more time• Attorney client privilege

Close

• Questions?