Audits and Audit Services West Babylon NY
There are many things to consider when facing an audit or using an audit service. You may not know what to look for. You also may not know what you are doing if you are required to perform an audit. Here are a few ideas and suggestions to help get you started.
Jeffrey Lewis, CFP, ChFC
7 White Deer Court
CPA Accounting Services, LLC
1606 Hillside Ave.
New Hyde Park, NY
de Pietro Frank W
1205 Franklin Ave
Garden City, NY
532 Broadhollow Rd
Forensic Accounting & Valuation Services LLC
1 Dupont St Ste 207
1377 Motor Parkway
1393 Veterans Memorial Highway
Carotenuto & Yanover Business Services Inc
140 S Long Beach Ave Ste 2
Accountants Service Bureau of Long Island
34 Merrick Ave
Alizio Tax & Consulting Services, LLC
420 Jericho Tpke Suite 325
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Audits can vary depending on what they are being used for and who is using them. There are a few very common ones that you should know about.
A business may use quality audits to ensure that its employees are doing the job that they are contracted for. They may use tactics such as cameras and customer complaints to judge whether an audit is needed and what audit process to take. An audit for business purposes can be done by an upper level employee or with an audit service program. These people can be contracted to evaluate your employees through direct contact with them. This service may use methods that include mystery shopping or open auditing, depending on what they are contracted for to find out about the employee.
There are also audits that you may perform on your own home for the purposes of measuring your electricity and gas usage. You may want to do this kind of audit when you are trying to reduce energy costs and increase efficiency.
The other kind of audit is the kind that most of us are familiar with. This is a tax audit. This kind of audit can be a scary thing. You are audited when you have a discrepancy between your stated income and in your employer's reporting of your income. If you are self employed, then you are responsible for reporting an accurate income picture. When it is not the same as what they have reported to the IRS, then you are audited. The process for this kind of audit is pretty self explanatory. The IRS contacts you to let you know that they are going to conduct an audit on your return. They will request all the information for spending and income for the year that is in question. Typically, the IRS won't get to your particular file for a couple of years after the discrepancy, but they will get to you eventually.
To understand a tax audit and how it works, you should do your research using the Internet, or you can ask a tax professional in your area for guidance. They will be able to help you understand an audit, so you can avoid it or prepare for one that may be inevitable.
One of the first things to do if you are going to be audited is to talk to your tax preparer. They will have a plan of action that you can follow to help make the audit process easier to go though. Sometimes, they may have an audit protection plan that you can count on for help when you are audited. You may have heard about them though the media. Check with your tax preparer to see what options they have that you can look into.
The other thing to remember, if you are the victim of an audit, is not to panic. You may not think that you can get through it, but many people have been there and you can too. Make sure that you have support to help you though this hard time, as well, because you may need other input and guidance for the audit procedure.
There are many kinds of audits that you can go through or have to perform. If you are in business, there is a possibility that you will have to perform a quality audit or have one performed on you.
There are a few reasons that a business might do this audit process on a frequent basis. One of those may be if they are not sure of your abilities as they might pertain to your job performance. They may want to see if the complaints made against you have any validity, or if you are doing a great job and maybe just rubbed a customer the wrong way. There are many reasons a quality audit might be performed for the company.
Another way an employer may do a quality audit is by showing up at the time you are working and shadow you for the day. This way, they will see how you work in your work environment. This helps them decide if your performance is good and up to their standards. They may also do this without your knowing that they are there. This is one of the most standard ways to audit employees and their work performance.