Your Best Audit Yet – Insight From the Startup Audit Survey
At Advanced CFO we help several companies navigate the occasional audit on an ongoing basis. With a normal full-time financial team, many CFOs and controllers don’t experience them often, or never have. We recognize that our experience is unique. When you work with a team of seasoned veterans at Advanced CFO, you’re getting the expertise of professionals who have worked with several companies in your position. When it comes to the finances of a business, you can trust our team’s experience to help you safely navigate the treacherous minefield that trips up many small companies, particularly when it comes to auditing.
In cooperation with our friends at CapShare, we created the 2018 Startup Audit Survey to help provide perspective and prepare you for your best audit yet. The insights included in the article will help calm the first-time auditor’s nerves and prepare the serial entrepreneur for a better experience. The responses come from small companies with <$500K in revenue, to those over $50M, auditing with almost every size auditing service provider. Because many respondents described their experience as painful, we have all the tips to make this year more painless.
This survey was a collaborative effort of financial professionals with a combined experience of over 4 decades (you can read about some of our clients’ experiences here). Together, Advanced CFO, CapShare, and VPTax worked to answer the following questions for those less experienced with audits:
- What are the most popular audit firms?
- What is the typical cost of an audit?
- What is the typical timeframe for an audit?
- What should I do to prepare?
- What can I do to minimize problems / pain in the audit process?
Read the survey here to gain insight to that fearful first-time audit.