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 Most business owners and CFOs work very hard to lower the risk of an audit.
The problem is that while they are doing so, they are also trying to build
and operate a business. So there is little time left to put forth
an adequate effort toward managing audit risk. The necessary review,
corrective measures and ongoing adherence to policies can be jobs unto
themselves. One client of ours, who had previously called on our
services in a very limited capacity, came to us looking for help in this
area.
At Talley & Company, we take a formal approach to audit risk review
and assessment for our clients. In this client's case, we identified
a few key areas of vulnerability of which our client was not aware.
The corrective measures were relatively simple and were executed with
ease. As part of our review, we also identified some areas wherein
the client could take a more assertive approach to lowering tax liability.
Similar to audit risk assessment, corporate management teams often lack
the time or ability to ensure they are not leaving tax dollars on the
table each year by way of missed opportunities. So as a side-benefit
to our audit risk assessment, we also recommended some simple, safe ways
to lower overall tax liability.
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