Audit Prep Services
Our Audit Prep service is designed for nonprofits and small businesses preparing for a financial, grant, or compliance audit. Ideal for teams needing extra support to gather documentation and ensure readiness.
OUR PROCESS
After Signup, we will hold an introductory meeting to understand your audit scope and timeline.
Historic Review
We will review past financials and identify gaps or risk areas.
Organize
Our team will organize all necessary records and support documentation.
Team Prep
We'll work alongside your auditor or CPA to prepare and explain financial data.
Debrief
After the audit we will meet to debrief and refine processes and implement long-term improvements.
Ready to take your business to the next level?
Get in touch today and receive a complimentary consultation.
FAQ
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How to audit prepaid expenses?
To prepare prepaid expenses for audit, you need to provide a detailed schedule showing the original payment date, vendor, expense category, and allocation over future periods. Documentation should include invoices, payment records, and any amortization journal entries. Auditors will confirm that these entries are timely, accurate, and appropriately classified.
How much does a tax preparer charge for an audit?
Tax preparers typically do not conduct audits; auditors (usually CPSs or audit firms) handle this process. However, if a tax preparer assists with audit support, fees can vary widely based on the complexity and amount of prep work needed; often ranging from $500 to $5,000+. At J&J, we help reduce those fees by ensuring your records are well-organized and audit-ready before the CPA gets involved.
How often do people get audited using online tax prep?
While IRS audit rates are generally low (less than 1% annually), using online tax software doesn’t shield you from an audit. Common audit triggers include large deductions, unreported income, or inconsistencies in filings. While J&J Precision Accounting doesn’t prepare tax returns, we support clients in getting their financials organized for a smooth audit process; whether it’s tax related or not.
We also provide support for other types of audits, including:
- Nonprofit audits for grant compliance or board oversight
- Internal Audits to evaluate internal controls and risk management.
- Financial statement audits required by lenders or stakeholders, and
- Grant-specific audits for government or foundation funding.
Our role is to help you prepare, organize, and present clean, accurate financial data – so you’re never caught off guard.