Tag Archives: comptroller audit

What To Expect When Undergoing A Comptroller Audit

A comptroller audit is simply a state level audit that is called to order by a comptroller, or chief federal officer. They can either be called to order because you have reported data that doesn’t seem to match what it should, because you have been randomly selected, or because someone has reported your business. However, that doesn’t mean that you have done anything wrong or that any issues will be found. Keep calm, cooperate, and if you have been on top of your accounting practices you will have nothing to worry about. The majority of these audits end without any issues.

Image result for Comptroller AuditThe most common reason to be audited in this manner is actually because you have been randomly selected. Each year a number of different businesses are selected for auditing, with their companies chosen completely at random. This helps ensure that everyone is keeping track of their finances as they should be and ensures that no-one ever feels like they are safe if they are trying to hide illegal financial activity. While it is normal to panic when you get a notice that you are going to be audited in this manner, you really shouldn’t worry that much as you were likely selected at random.

Now if you have been selected, there are two things you will need to do to ensure that everything goes smoothly. First you will need gather all of your financial information and make sure to speak to whoever does your taxes to make sure that they are able to provide you with all of their documentation as well. Keep all of your sales receipts, orders, and anything else that is generated during a routine transaction within easy reach of your during the audit.

Secondly, you will want to speak with a company that specializes in these types of audits. If you are unfamiliar with tax law, sneak on online resources to know more details about comptroller audit. Speaking with them and having them go over your information before you speak with the individual in control of the comptroller audit will put your mind at ease and help you identify any potential issues and have them corrected ahead of time.

Overall, the most important thing to do in this situation is to stay calm and remember that you are not actually likely to run into any issues. Be honest and truthful and provide the person running the audit with all of the information that they request and you should be fine.