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Category: Business Law
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What does it generally cost to audit financials per year for

Resolved Question:

What does it generally cost to audit financials per year for a web based business with everything nicely organized in Quickbooks and all supports with credit card statements, bank statements, etc. already in place? Are there any out of USA inexpensive places to go to get audited financials at a lower price? Thanks.
Submitted: 1 year ago.
Category: Business Law
Expert:  Roger replied 1 year ago.

Kirk Adams :

Hi - my name is XXXXX XXXXX I'm a Business litigation attorney. Thanks for your question.

Kirk Adams :

If you're referring to an internal audit, the actual cost depends on how much information, documentation, etc. that an auditor/bookkeeper/CPA must review in looking at the health of the company.

Kirk Adams :

That said, you can expect an audit to cost at least $2000 - - maybe more depending on the volume of information you're talking about. The good news is that USUALLY, an audit can help save the company money, so the expense is really absorbed and countered by the savings that result.

Customer:

I'm looking at audited financials to apply for a state license for debt settlement. That is $2k per year?

Kirk Adams :

As for having an audit done out of the US, the only problem that may create is that the audit is being performed under principles that are different than what are used here. That would be a little risky in my opinion.

Kirk Adams :

Financials for a debt settlement offer would not likely cost this much as there won't be as much detail required.....

Kirk Adams :

If you're doing a business audit for financial sustainability, cost cutting ideas, etc., those cost much more. But, if you're just wanting some general information in order to obtain a state license, it's likely that you could get that done for less.

Customer:

In the year, since I was transferring operations from one llc to a s corp, the llc is showing a negative net income. In an 'audited financials' how would that be explained as I doubt a license will be obtained if the company is showing a big negative loss. Thanks.

Kirk Adams :

Well, the easiest way to explain away negative income is operational expenses, and the transitional costs you incurred from changing your corporate structure. It is expensive to do things like that and much of the cash flow is taken away in legal fees, accountant fees, filing fees, state registration fees, etc.

Kirk Adams :

Thus, the fact that the dip in your business coincided with the transition of your business should really be something a bookkeeper/CPA could explain.

Customer:

And in the audited financials, in the same bank account and quickbook file, we have the debt settlement business plus a few information products depositing into the same account. Would the audited financials only be of the debt settlement business or all transactions (income and expenses) for the company being licensed (submitting app to state)? I assume all transactions, right?

Kirk Adams :

I actually think you could look at it both ways and then present the combination that looks best on paper.

Customer:

thanks

Roger, Attorney
Category: Business Law
Satisfied Customers: 27061
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Roger and 3 other Business Law Specialists are ready to help you
Expert:  Roger replied 1 year ago.
Hi - thanks for allowing me to assist you. If the need arises, I'll be glad to answer any additional questions you have regarding this or any other issue. Just let me know.

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