How do I prepare for a financial audit?
An example of an AI chatbot conversation about preparing for a financial audit.
How do I prepare for a financial audit?
Preparing for a financial audit involves several key steps. First, ensure all financial records are accurate and up-to-date.
What specific documents should I gather?
You should gather your financial statements, tax returns, bank statements, invoices, and any contracts or agreements.
How far back should I keep records for the audit?
It's generally recommended to keep records for at least seven years, but check with your auditor for specific requirements.
What if I find discrepancies in my records?
If you find discrepancies, address them immediately. Document your findings and consult with your accountant for guidance.
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