This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2020/02/01/crucial-things-you-need-to-know-about-your-first-external-audit-for-series-b/
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by Bryce Welker, founder of Crush The CPA Exam
You are sure to be happy when your business reaches a Series B financing round because it usually means your company has a higher valuation. However, that can make the auditing process much more complicated than it was before. You must be aware of the standards your company has to meet to pass its first external audit so you can implement the right procedures and maintain the correct documentation.
Don’t know where to begin? Well, check out the following crucial things you need to know about your first external audit for Series B.
Your Records Must Conform to GAAP.
For your business to pass its first external audit, you must maintain your company’s records according to GAAP, which stands for Generally Accepted Accounting Principles. The Financial Accounting Standards Board establishes these standards. The principles provide guidance on how to correctly record transactions across all possible business events. Before your financial statements can be filed with the SEC or distributed outside of your business, an external auditor must ensure your records adhere to GAAP. A certified public accountant (CPA) will perform the audit. A CPA will affirm to the IRS that your company’s financial statements are truthful once he or she has audited bank statements and other documentation to eliminate any errors. CPAs are the most highly-qualified type of accountant to perform an external audit for Series B given the rigorous examination process.
There are three main areas of GAAP that are commonly the most problematic for companies undergoing their first Series B external audit. These are:
Revenue Recognition issues.
Share-based Compensation.
Accounting for Income Ta… Read More
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