- Generally Accepted Accounting Principles (GAAP)
- International Financial Reporting Standards (IFRS)
Risk Assessment & Planning.
Your auditor spends time learning about the company and business environment at this early point. This preparatory work allows the auditor to understand how the business works. The information allows the auditor to quantify possible risks that can adversely affect your audited financial statements.
Testing Internal Controls!
This process reviews the control suite of your business. Your auditor typically uses questionnaires on risk assessment to evaluate the internal controls in areas such as:
- How well you protect your business.
- If proper approvals have been incorporated.
- If the workplace roles are specifically divided.
Your internal transactions determine the productivity and control of your business. Positive results mean the audit can go faster. When errors or mistakes are found, the auditor may have to search deeper in order to find the problem areas. Note, this process just enhances your business.
FORM 1065, U.S. RETURN OF PARTNERSHIP INCOME!
Each partner reports their share of the partnership’s income or loss on their personal tax return. Partners are not employees and shouldn’t be issued a Form W-2. The partnership must furnish copies of Schedule K-1 (Form 1065) to the partner.
- Form 1065 Income tax returns
- All K-1’s for partners
- Shareholder Basis
- Tax Planning
- Retirement Planning
- Florida form DR601C Intangible tax returns when required.
Accounting, bookkeeping, and tax tips to help you understand your small business finances.
“Intelesoft Financials” offers several newsletters containing timely information and expert analysis to help your organization maintain its competitive edge. With subject matter addressing a wide range of industries and topics, we are sure to have information from which you can benefit. In addition, our firm’s general e-newsletter, Keeping Posted, offers information ranging from tax laws and incentives to how you can more effectively run your business.
