Avoiding an Audit

Join Sarah, Steve, and Lynda as they tackle the intimidating world of audits—specifically for law firms! From tax audits to bar audits, we’ll uncover the sneaky pitfalls that can land you in hot water. Tune in for expert tips on managing trust accounts, the art of proper documentation, and why three-way bank reconciliations are your best friends. --------------------------------------------------------- 00:15 Types of Audits and Their Implications 00:44 Bar Audits and Their Consequences 02:35 Trust Account Issues and Best Practices 06:10 Handling Prior Year Transactions 07:19 Self-Reporting and State Requirements 08:51 Preparing for an Audit 13:17 Common Mistakes and How to Avoid Them 15:52 Handling Petty Cash16:52 Importance of Workflow in Cash Management 17:18 Avoiding Audits with Proper Documentation 17:52 Payroll and Multi-State Compliance 20:35 Responding to Audits and Legal Obligations 23:58 Setting Up Books for New Firms -------------------------------------------------------------- Be sure to subscribe for more episodes! Find us on YouTube as well! If you have questions, topic requests, or guest suggestions you can email us at [email protected] or send us a message through our website, www.accountantslawpod.com If you want to join us in the Accountants Law Lab, visit our website at www.accountantslawlab.com to sign up! If you want to follow along with Steve’s airstream adventures, as well as Accountants Law Pod updates, be sure to follow us on instagram at Accountants Law Pod. Accountants Law Pod is hosted by Lynda Artesani, Sarah Prevost, and Steve Libhart and directed/produced by Teaira Burge and The Proper Trust. Music by ComaStudio from Pixabay - Edited by audiovideo_uk Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered as legal, financial, or professional advice.