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.

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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 Cash
16:52 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
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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.