What You Need to Know About Audits

This Is Small Business

Dealing with audits doesn’t have to be scary as long as you’re prepared for it. Just ask Erick O. Bell, an accounting professor at the Haas School of Business at UC Berkeley, who used to work at KPMG LLP in the Audit Risk Advisory Services. Erick simplifies everything you need to know about audits – even the IRS audit – so it doesn’t feel as daunting. “Most audits that are happening. They're not audits that are at odds with each other,” Erick says. “A typical audit generally is just, you've made an assertion. Can we verify that that assertion is accurate?”

Learn about typical audits, how to navigate them, and when you might need them.

In this episode you’ll hear:

(01:00) When should you get an audit

(03:45) About IRS audits

(07:36) How to navigate a typical audit