The Importance of Finding an Auditing Firm For Your Small Business

An auditing firm can offer a number of important services to any small business, including monitoring compliance with its own polices as well as federal regulations, detecting and preventing fraud. In fact, a smaller organization may need these services even more so that a large company as it cannot afford a government fine, waste or employee fraud.

While most small businesses like to think they know their employees extremely well, and believe they’d never steal, unfortunately, things like embezzlement, fraud and malfeasance can and do happen more often than you might think. Any business that relies on trust alone can be extremely vulnerable by failing to take important steps to protect the business. Studies have found that long-term employees are actually the most likely to commit a fraudulent act – and, an employee who seems loyal and devoted by never taking a vacation or sick day, may actually be doing so for fear of exposing fraudulent activity.

While internal controls are a must, they generally aren’t enough. Often times, these controls aren’t properly enforced or designed. Or, they may not be updated when changes occur in the business. It’s essential to stay on top of the financial condition of the organization, ensuring that time is taken every month to review bank reconciliations and the checking account as well as conducting internal audits and testing procedures.

Of course, as a small business owner, your time is precious. Using your time wisely, such as to grow the business, is probably what you’ll want to focus on. By finding an auditing firm, these services will not only be provided for you, but it’s actually more effective. Internal auditors can’t effectively critique a company’s internal process as they’re a part of the business. External auditors can observe the operation from the outside and determine where the company may be wasting time or money in addition to critiquing accounting practices and general operations.

By finding an auditing firm, you’ll have access to professionals who can recommend ways in which to tighten accounting practices, reduce waste and even promote greater efficiency too.

Finding an auditing firm that will best meet the needs of your small business can be quickly and easily accomplished by contacting with access to thousands of qualified firms in your area.

Using Data Analysis to Catch Fraud

If you’ve ever thought you might need to find an auditing firm, this story might encourage to take the next step. Recently, a team of forensic accountants, who serve as financial detectives, started going through refunds that were issued by a national call center and found something might be askew. There were too many fours in the data, and it was their job to find out why.

It wasn’t that long ago that a subtle anomaly like that would have easily slipped by unnoticed, but as the Wall Street Journal reports, employee fraud is estimated to cost the country an estimated $300 billion a year, so forensic accountants are coming up with new ways to catch those who are trying to cheat.

In this case it seems, there were several hundred operators across the nation that were authorized to issue refunds up to $50, anything more than that required the permission of a supervisor. Due to the large number of refunds issued, there was the opportunity for theft, so the accountants took a further look into the validity of the payments using a test called Benford’s law.

The test is based on the fact that low digits are expected to occur far more frequently than high digits. According to the law, ones should account for 30% of leading digits, while each successive number should represent a progressively smaller proportion, with the nines coming last.

For certain operators, the refunds weren’t following this law. The accountants discovered a huge spike in the number of fours, leading them to believe there were a lot of refunds issued just below $50. They ultimately identified a number of operators who’d issued fraudulent refunds to themselves, friends and family members that totaled several hundred thousand dollars. Before the analysis took place, no one had a clue there was a problem.

Companies that find an auditing firm, employing them to examine their accounts, can potentially save an organization thousands of dollars, making capital markets more efficient and ensuring that if there is any cheating going on that it’s addressed right away.

Read the full article about how they caught fraud on the WSJ.

If you’d like to find an auditing firm contacting can help you get started in ensuring the financial health of your company in the most stress-free manner possible.

Common Accounting Mistakes That Can Cause You Trouble

find an auditing firm to help avoid making common accounting mistakesAccounting seems simple, but it requires precision as the slightest mistake could land you in trouble. Not only can it cause a problem in your books, but also result in financial loss. This is why it is imperative that you avoid common accounting mistakes, which can cause you trouble. For this purpose, you have to find an auditing firm to draw up your accounts. These auditing firms are well aware of common accounting mistakes and know how to avoid them.

Bank Account Balancing

One of the most common accounting mistakes businesses make is assuming their books are in perfect order because they use software for maintaining their accounts. Using software is an effective way of keeping your accounts in order, but since the entries have to be done manually, there is the risk of human error. Therefore, assuming your books are perfect simply because you use accounting software is a mistake. You should reconcile your business accounts with the bank statements periodically to ensure your books are balanced. You may have an in-house accountant do this or find an auditing firm to take care of the job for you.

Invoices for Sales

Almost every business uses a credit line. When a sale is made customers may not pay up immediately and are issued invoices for the amount they owe. They may require one or two months to make the payment. Oftentimes, businesses pay for more than one invoice at a time.

At times, customers delay the payments. This is where you need to be vigilant. If you did not know about a customer making a late payment, there is a good chance the customer can get away with not paying at all. This is why you need to have a foolproof invoice system. If a customer delays a payment, you need to contact them and see why the payment was delayed. Even if they have a genuine reason, you should still inquire.

Handling Cash

Accounting for cash in hand is tricky and  is the cause of one of the most common accounting mistakes. This is because excess cash can be given away on some occasions. Moreover, mistakes can be made while counting cash, and cash is also susceptible to theft. If you deal in cash, you should make sure the cash tills are balanced regularly to avoid such issues.

If you have the slightest problems in managing your business accounts, you should find an auditing firm that can do the job for you. This way, you can avoid the common accounting mistakes that can cause trouble.

What To Look For In Audit Firms?

Auditing Firms

Auditing Firms

Business owners might opt to hire audit firms for a number of reasons, maybe they want their management procedures to be refined or they might simply be looking for sound financial advice. Regardless of the reasons, businesses should always look for the following aspects while choosing auditing firms.

Scope of services– Apart from the financial advice and evaluation an audit firm should at least provide the following services:

  • Understanding and evaluating internal control procedures
  • Performing investigative procedures on expected or unexpected differences in account balances or transactions
  • Testing and refining of financial management, reporting and organizational management procedures
  • Review and analysis of all accounting related report
  • Risk evaluation and evaluation of risk management procedures

Experience– The audit firm should have at least a few senior members with a substantial amount of experience, preferably in working with companies in the clients industry.

Transparency– An audit firm should be able to operate within the rules and policies of the client’s

Audit Firm

Audit Firm

company while completing all the requested evaluations within the time provided. A transparent and impartial auditing company is pretty apparent from the nature of questions they ask their clients who are looking for a new auditing firm.

Ethics– An audit firm should provide confidentiality and it should be able to provide not only a number of solutions, but quality approaches towards decision making procedures. Firms provide sensitive financial information to audit companies; therefore, they should be sure that they are passing on their information in the right hands.

While choosing an audit firm, a major part of its performance depends on the access to information. Once an organization chooses an audit firm, they should provide complete management or financial related information so that the audit firm would be able to complete its job more effectively.

Guide To Internal Auditing | What is an Internal Audit | Good Accountants

internal audit

internal audit

An internal audit can be defined as an independent evaluation of an organization to add more value to it and improve its operations. An internal audit helps organizations adapt a more sound approach, and fine-tune its progress to increase the effectiveness of corporate governance, control, and risk management. An internal audit makes all this possible by providing suggestions based on the analysis of business data and procedures. Professionals who are qualified for internal auditing are hired by organizations to analyze and refine all the procedures.

Organizational Independence

Internal auditors hired by organizations are not really independent of the organization, but organizational independence plays a key role in enabling the internal auditor to perform a more unbiased evaluation. An audit committee, which is usually a sub-committee of board of directors, provides the authority and independence to internal auditors and they can only be hired or replaced via an audit committee’s decisions. This allows the internal auditors to perform their role more effectively.

Role Of Internal Auditing

Internal audits are primarily directed at assessing internal control of the organization. The board of

what is an audit

what is an audit

directors, management, and other authoritative personnel are the creators of an organization’s internal control procedures, which is designed to achieve primary objectives for which most organizations aim. Some of the core objectives are:

  • Acquiescence with rules, regulations and laws
  • Conservation of assets
  • Consistency and reporting of financial management
  • Efficacy and efficiency of organizational operations

Internal auditors assess whether the following five critical management components are being used effectively to achieve the organizational goals mentioned above:

  • Activities to monitor growth and profitability
  • Communication and information procedures
  • Risk evaluation
  • Risk- focused managing activities
  • The control environment

Execution Of Internal Audits

A typical and normal internal audit usually consists of the following steps:

  1. Create and convey the scope and purpose of the audit to the respective management authority
  2. Develop an understanding of the business under review, these normally include:
  • Objectives
                • Performance measurement techniques
                • Review of all documents regarding organizational procedures and reporting
                • Review of all the interviews
                • The core transactions of the business
                • Identify the major risks being faced by the business

3. Understand the currently used management practices to ensure each of the risk is adequately controlled and supervised. Internal auditors usually form a checklist to identify and evaluate usual risks in the organization or industry being audited
4. Execute a risk-oriented sampling process to evaluate the highly important management controls and that they are working as they should
5. Reporting the problems and challenges concluded to the management and negotiate action plans and procedures
6. Internal audit departments also maintain a follow up database to identify if the reviewed and refined procedures are working effectively

It is not necessary that an internal audit be performed in the same step-wise procedures as described above; therefore, the time and length of the audit depends on the nature of the processes and organization being audited.

Internal Audit Reporting

At the end of an audit, internal auditors usually summarize their findings, suggestions, and any other plans they have for the management. An audit should at least consist of adequate information on the 5 C’s:

The Condition – What are the issues identified?

The Criteria– What was the benchmark that wasn’t met because of the issue?

The Cause – Why did the organization face the issue?

The Consequence – What is negative result of the problem?

The Corrective action plan– What steps should the management adopt towards eliminating the problem at hand?

The recommendations and advice an internal auditor provides at the end of the report are aimed at fine-tuning the organizational processes or the corrective procedures which can be employed to optimize governance and risk control processes. It is important for the auditor to be aware of the organizational goals and objectives, and the approach should be parallel to the company’s.

How To Know If The Audit Report Is Beneficial?

Simplicity– The technical language used and the terms should be expressed in clear, simple, and straight forward words.

Precision– The information used in the audit and the results should be precise and accurate.

Objectivity– The suggestions, opinions, and observations in the audit should be completely impartial and objective.

Deadlines– The audit report should be presented immediately after the auditor successfully analyzes the information, and it should be presented within the time constraints provided.

Concise– The end report should be concise, brief, and to-the-point.

Benefits Of An Internal Audit

An internal auditor can provide an organization with independent assurance on a wide array of tasks. Their abilities aren’t only limited to tuning financial management procedures.

Most importantly, an internal audit can help identify the risks an organization is exposed to due to their existing management procedures. This not only helps strengthen the management processes but enables the organization to achieve its goals and objectives of profitability and other benchmarks more effectively.


How to Find an Auditing Firm to Uncover Financial Weaknesses in Your Company

find an auditing firmRecently, it has been uncovered that the Tennessee Wildlife Resources Agency has significant problems with their financial tracking. An audit done by the state comptroller’s office showed that credit card expenses were not tracked correctly, and there are many transactions that are not in line with the policies of the agency.

These problems are not uncommon, especially if a company is not proactive with managing and auditing the spending habits of the employees. To get a clear picture on the financial strength and weaknesses within your company, it is important to find an auditing firm who can step in to take an unbiased look at the books. The firm will point out any possible holes within the accounting of your company, which allows you to make adjustments to spending plans and employee management in order to be sure the money is being managed correctly.

After you find an auditing firm to help with the analysis, it is important to put checks and balances in place to avoid future problems. Additionally, regular audits should be done to be sure the day-to-day operations are staying in line with the policies and procedures of the company.

It can be difficult to find an auditing firm that will offer the best services for your company, and choosing the right firm may seem overwhelming because there are so many options to pick from. A good auditor should have qualifications such as experience working complicated processes that involve different skills, and the auditor should be able to manage the audit while keeping regulations and client expectations at the forefront of their mind.

An auditor has a lot of responsibility on their shoulders, so research their qualifications before you make a decision to hire them. Cost is another consideration, because auditing services can vary in price range significantly, depending on the type of audit that is needed for your company. One easy way to locate a good auditor is by using a service such as which allows you to access bids from multiple auditing firms with good reputations. You will be able to check the financial health of your company, without having the stress of trying to locate a qualified auditor who can get the job done right.

Potential Big Changes Coming for Every Auditing Firm

auditing firmNew rules that are being proposed by the Public Company Accounting Oversight Board will likely result in a major overhaul of company audits. The board wants accounting firms to start including a potentially large amount of new information in the audit report that is attached to a company’s annual report.

It is said that their proposal is one of the most ambitious to date. The board was set up a decade ago in light of accounting scandals at large companies which revealed serious shortcomings at auditing firms.

As part of the proposal, it would require auditors to communicate details of the difficult parts of the audit, with many situations, especially with large corporations, where the auditor may find the task quite nettlesome.

Requiring this extra information may draw opposition from some auditors due to the added expenses. Some believe it provides a better opportunity to communicate more information, with auditors and audit firms providing greater value for investors and users of financial statements.

This also means that the public and investors will have better insight as to exactly what is going on inside of a company. The proposed changes would certainly mean a bit more work for auditors; companies may look at things a little bit differently before making certain financial decisions as well.

Having a qualified auditing firm on your side may be more important than ever. To find the best for your business, it’s essential to pinpoint your exact needs to eliminate those you don’t want to work with. For example, do you need a firm that can provide a specific type of service or that provides a more comprehensive package of services? Consider your particular budget and whether or not the firm has industry experience.

Don’t seek an auditing firm out of the yellow pages. You might consider contacting other businesses within your industry or professional organizations such as the American Institute of Public Accountants to see who they might recommend. You’ll then need to put together a list of potential firms and contact each to find out their fees and services.

The quickest route to finding a qualified, reputable auditing firm is to contact the consultants at you can locate the one that is right for you with no financial cost or obligation.

Find An Auditing Firm And Make The IRS Disappear

find an auditing serviceHunters eagerly anticipate the start of deer season. Caterers make extra room in their safes before the start of wedding season. Children across the country don their favorite team’s cap for the opening day of baseball season. However, one season strikes fear into most Americans.
With the April 15 federal tax filing date behind us, audit season is beginning to pick up steam. Unlike deer season, which requires a license, or baseball season, which requires tickets, the only thing you get as a reminder of audit season is a neatly type letter from the IRS. The letters cause the most hardened Americans to run for cover. They panic and throw away the letters, hoping the IRS conveniently forgets about their existence.

The first thing to remember for learning how to find an auditing firm is the IRS does not forget about you.

Yet you have a better chance of becoming involved in a car accident than you do hearing the IRS knock on your front door. Unless you make over $200,000 per year, you have less than a one percent chance of receiving the dreaded audit letter. Even taxpayers who earn $5 million per year only have a five percent chance of welcoming the IRS to their homes.

Nonetheless, you should prepare for an audit by learning how to find an auditing firm. Instead of burning the IRS letter and moving to South America, you can take measures that ensure you garner the best representation in front of the IRS panel that performs your audit. By going to, you take the important first step on the road to taxpayer redemption.

Once you access, click on the audit link to learn how to get five competitive bids for your audit. Make sure you review the video testimonials to hear from people just like you who found the right accountant for their IRS audit. You need to find an accountant whose educational and professional credentials match your unique audit parameters. Look at as an accountant clearinghouse that provides you with the most cost effective way to find accounting experts for private, pension plan, and bank audits.

Staff reductions, coupled with increased workloads have caused IRS audits to decline. Whether the percentage of IRS audits remains low or more resources prompt the agency to ramp up the heat, you should know how to find an auditing firm. Remember that the sooner you act, the better chance you have of finding the best auditing firm on

How to Find an Auditing Firm and Stay Ahead of the IRS

With the IRS in the headlines recently, many business owners may be holding their breath hoping that they don’t become a target of an investigation or an audit. The dreaded word is enough to make anyone experience heart palpitations.

If you want to ensure that all of your ducks are in a row when it comes to your business finances, one of the best ways to do that is to find an auditing firm. An audit of business records can help give you peace of mind and even prevent financial disaster. Many businesses look to auditing firms for their professional expertise and guidance in financial affairs to ensure continued success.

Of course, it is crucial to find an auditing firm that is highly ethical and trustworthy in order to handle confidential records. What else should you look for when seeking the right firm?

  • A good reputation is a must. Your business reputation can be impacted by the auditing firm you choose. Consider contacting professional organizations for a list of recommended firms or ask other business owners within your industry for a referral to a firm they have used and know to be trustworthy.
  • Experience and expertise should also be on the top of the list. Businesses entrusting their most sensitive financial information to a firm, need to know that it is being handled by those who have proven years of experience.
  • High ethical standardsfind an auditing firm should be displayed at all times. Does the auditing firm display a high level of ethics in everything they do?

Important factors to consider when narrowing down your choices include:

  • Qualifications. Does the firm specialize in auditing or is auditing something they do on a part time basis to fill in during slower times of the year? Find an auditing firm that is focused on only doing audits is highly preferable.
  • Communication. You need to feel comfortable asking questions and sharing confidential details of your business with the firm. It’s important to be able to work with someone you can communicate with in such highly important financial matters.
  • What type of experience does the auditing firm have? Choose a firm who has worked with a company similar to your own and understands your specific needs and requirements.

One of the easiest, stress-free options to find an auditing firm is to contact the expert business consultants at They do all of the work in screening the highest quality firms and will provide you with multiple quotes so that you can get back to concentrating on your other important responsibilities.

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Good Accountants is a directory service, a sort of search engine for accountants, bookkeepers and other financial management professionals. We provide our customers with a detailed list of qualified candidates that fit the criteria provided to us and are in your immediate area.

Our database consists of individual accountants, bookkeepers, accounting and audit firms and is one of the most trusted sources for locating outsourced CFO’s and Corporate CPA’s. Our directory is nationwide and is the number one ranked site of it’s kind.

Contact Good Accountants today by visiting our main website 24/7 and filling out our online form or give one of our professional service representatives a call for further assistance. We look forward to working with you and helping you to solve your financial management needs.

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