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Preparing for an Audit

Entrepreneur's Playbook | Episode: 707 | Guests: Kimberly Wood | 0
Is your company’s “financial house” in order? Jen discusses the importance of being prepared—especially before an audit—with Kimberly Wood, an audit senior manager and a member of the Transaction Advisory Services team at PKF Texas.

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski and I’m back again with Kimberly Wood, an Audit Senior Manager and one of the faces of the PKF Texas Transaction Advisory Services Team.  Kimberly, welcome back to The Playbook.

Kimberly: Thanks for having me.

Jen: Last time, you mentioned getting your financial house in order. What does that look like for a company?

Kimberly: They should do a couple of things. They should keep current financial statements and tax returns; they should have a good internal CFO or Controller, and well documented processes; and then they should have a well-known CPA review or audit their financial statements.

Jen: So, why is it important to get your financial house in order before doing a due diligence project?

Kimberly: A well prepared business will sell better and for more than a less prepared business.

Jen: If they want more money they should get their financial affairs in order, correct?

Kimberly: Exactly.

Jen: Perfect. We will get you back to talk a little bit more about some more due diligence items. Sound good?

Kimberly: Sounds great.

Jen: For more information about due diligence, visit pkftexas.com/transactionadvisoryservices. This has been a Thought Leader Production brought to you by PKF Texas – The Entrepreneur’s Playbook. Tune in next week for another chapter.

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