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Audit Services Minnesota

Recent failings by corporations and small businesses have led to strengthened legislation in favor of rigorous auditing of financial records. There are many different types of audit services that need to be examined before a business opens their doors to an independent investigator.
1. Local Companies
2. Qualifications of Audit Services Providers
3. The Right Time to Use Audit Services
4. Preparations for Audit Services
5. Featured Local Company

1. Local Companies

API Outsourcing, Inc.
651-675-2605
1355 Mendota Height Road
St. Paul, MN
vekich associates
612-709-6262
3924 natchez avenue south
minneapolis, MN
Accountant Profile, Inc.
651-636-7760
1700 West Hey 36
St. Paul, MN
Mahoney Ulbrich Christiansen Russ P.A.
(651)227-6695
30 East Plato Boulevard
Saint Paul, MN
VMSC.com
952-593-3000
8305 Franklin Ave
Minneapolis, MN
VMSC Corporation
952-593-9131
8305 Franklin Ave
Minneapolis, MN
Boyer & Associates
952-897-9100
4640 West 77th Street, Suite 317
Edina, MN
Home Page
763-553-1875
Minneapolis, MN
Asset Protection Group, Inc
651-295-1712
2048 Timmy St
Mendota Heights, MN
Brigham Group, Inc.
651-388-6694 ext 121
419 Bush Street
Red Wing, MN


2. Qualifications of Audit Services Providers

Business leaders and non-profit professionals may be compelled to yield fully to audits but they have the right to request information on their auditors. Audit services do not need to be a stressful experience where employees feel resentful to an interloper who has an unknown degree of experience in a particular industry. You should sit down an auditor at the beginning of an independent investigation to get some background on the individual for dissemination to your staff. This meeting should take place with a third party witness to avoid allegations of intimidation by the auditor.

The provider of audit services at your company should possess impeccable qualifications before releasing sensitive documents. An auditor will carry a license and written mandate from local, state and federal governments stating the right to inspect business records. A review of the license and the mandating document will help you avoid investigations by frauds and corporate spies.

It is important to look beyond these initial bona fides when assessing the qualifications of an auditor. A shared experience in your particular industry can break the ice with an auditor and show your employees that a final auditing report will be well-informed. You should not be afraid to go over the auditing process ahead of an investigator’s research to make sure that the process will not be disruptive to daily office work. The most important way to deal with an auditor is to adjust to their method of investigation and communication to make the process move smoothly.

3. The Right Time to Use Audit Services

The simple answer to the question of when to use audit services is every month in order to stay ahead of inventory, financial and personnel problems. Few businesses can afford to expand product lines and re-check every document on a monthly basis. Managers and executives who are responsible for scheduling audits throughout a company need to setup these services at strategic times to get the best value for their money.

One school of thought on auditing would encourage quarterly reviews of every record in a company. A quarterly internal audit coupled with the services of a reliable third party auditor will head off any snags before the end of the fiscal year. Companies who find a disparity in big-ticket inventory items in the second quarter will be able to initiate action before a more serious investigation is initiated by investors. The best reason for quarterly auditing services is the ability to catch miscalculations and clerical errors ahead of the busy tax season.

Another line of thinking on auditing is a random investigation of each department throughout the fiscal year. You should inform every employee in a memo that these investigations are possible at any time to keep everyone aware that accurate records are needed at all times. A random audit of your accounting department, warehouses and research and development lab requires a reliable list of independent investigators who can maintain confidentiality. The use of random audits in your effort to maintain an efficient business acts as more of a preventive measure than an investigative tool because it encourages due diligence with every action.

The least expensive but riskiest approach to auditing within corporate offices is a late-year audit before the holiday season. December audits require a great deal of manpower and resources devoted to investigations due to a shorter timetable. This approach is ideal for a small business that cannot afford to audit records and inventories frequently throughout the year.

4. Preparations for Audit Services

The basic documents needed for a complete audit should be available in your personal and corporate records. Individuals and businesses need to compile tax returns for at least the last five years to demonstrate honest record keeping to auditing parties. Subjects of audit programs need to present receipts, invoices and other documents that show past deductions and claims to be accurate. It is wise to use a tax professional as a middleman between you and an auditor to make sure that your case is presented accurately.

Many victims of the audit process fail to think about the role of preemptive testimonials. Companies who want to anticipate tax problems through a new filing status and earnings that exceed numbers from past years should request letters from investors, employees and independent observers. These letters should speak to the honest record keeping and conduct of your company with notarization as a good tool for proving proper chronology. A good way to make these testimonials stand as proof of your innocence in an audit is to keep the letters sealed until investigators make a request for your files.

5. Featured Local Company

Brunberg Blatt & Company, Inc.

(763) 545-2353
5500 Wayzata Blvd
Minneapolis, MN
www.brunberg.net

Brunberg Blatt and Company, Inc. is a local CPA firm that helps area small businesses with issues such as tax planning & preparation, compilation, review and audited financial statement needs as well as management consulting.

Our niches include the real estate industry, construction contractors, retail businesses and metro area restaurants, although we serve clients in a variety of other areas.

We believe in building strong relationships with our clients and take our role as business advisor very seriously.


Read more about Audit Services

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