Boca Raton Bankruptcy Lawyer

What is an Audit?

An audit is a broad term used to mean any sort of official review or evaluation of a person, system, organization, or process. From managerial job assessment to tax reports, audits of all kinds play a huge role in today’s society.

Two Different Types of Audits

Quality Audit – A quality audit seeks to give a fairly accurate description of productivity, efficiency, and other performance-related criteria. Often focused on individuals or particular groups (for example, the janitorial staff or the IT consultants of a company), these are common in corporations and institutions in which delegation of responsibilities is of the utmost importance. They are also a hallmark of bureaucracies, as the primary tool for weeding out problems. Audits can be carried out either internally, or by an external group of evaluators.

Financial Audits – Most people know audits through their relation to taxes. An income tax audit is essentially an investigation to ensure that the information you provide on your tax forms – total amounts, exclusions, exemptions, credits, deductions, etc. – is certifiably accurate. Companies and corporations undergo financial audits both voluntarily and as directed by the federal government. The hope in every case is that no misrepresentation or illegal practices such as embezzlement will be discovered.

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Individual tax-paying citizens and multi-billion dollar business giants alike are subject to auditing procedures. If you have been affected by an audit and are now facing financial crisis, you owe it to yourself to consider the benefits of declaring bankruptcy.

Contact an experienced Boca Raton bankruptcy lawyer at the law offices of Eric N. Klein & Associates, P.A., today by calling 561-353-2800 to discuss your options.