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Since all businesses are unique, their audit is a complex and informal process. We strongly recommend that you involve experts for inspection of certain aspects of the business. It is in your interest to correctly set the task for them. Before you hire a consultant, you have to specifically describe which parameters of the business should be evaluated and what must be reflected in their reports.

  • Corporate Documents

    A specialist who can help you with this: a corporate attorney (including one who closes the deal).

    You must ensure that:

    1) The Corporation is properly registered and is in good standing;
    2) All owners of the corporation agree to the sale of the business;
    3) All transfers of ownership from previous owners are properly recorded.

  • Financial performance

    A specialist who can help you with this: a licensed accountant (CPA).

    You must verify the following:

    1) The real profit (including owner’s benefits);
    2) The declared revenue goes along with the amount of bank deposits;
    3) The declared expenses correspond to the documents (invoices from suppliers, payroll, utility bills...).

  • Contractual obligations

    The specialist who can help you with this: a corporate attorney.

    The specialist who can help you with this: a corporate attorney. You have to check contracts for their validity and their current status.

    1) For the lease agreement, you have to check the expiration date, rental growth schedule and possible restrictions on the conduct of a particular activity. When buying a business, usually the new owner must be approved by the landlord before assuming the rights;
    2) For the insurance policies, check the expiration dates, the size and schedule of payments, subjects and amount of coverage and what constitutes an insurable event. Inquire about claims history;
    3) Check credit and leasing agreements;
    4) Check contracts with staff;
    5) Check contracts with suppliers and clientele;
    6) Depending on circumstances, other contracts may be added to this list.

  • Assets

    Specialists who can help you with this include:

    1) building inspectors;
    2) equipment inspectors;
    3) licensed accountant (CPA).

    Checking the physical condition of certain assets requires extensive knowledge, and we recommend that you use licensed specialists (inspectors).

    The accountant can check such parameters as: 

    1) The method of maintaining records of clientele and transactions;
    2) Accounts receivable structure;
    3) Inventory stock availability;
    4) Standards of accounting.

    Attention should also be paid to such intangible assets as: website, trademark, management and specialized software, recipes, technologies, and training materials.

  • Liabilities

    Specialists who can help you with liabilities include:

    1) corporate attorney 
    2) licensed accountant (CPA).

    The accountant can check:

    1) The structure of accounts payable;
    2) Is there any tax delinquency?
    3) Are there any promises of future obligations? For example, health insurance, retirement and option plans for employees.

    A corporate attorney can check:

    1) Whether the property is pledged;
    2) The existence of any lawsuits against the company;
    3) The presence of any contractual burdens (refusal to compete, restrictions on activities, etc.).

  • Taxes

    A specialist who can help you with this: a licensed accountant (CPA).

    The US tax law is very extensive and may vary from state to state.

    You must ensure that:

    1) All tax reports have been submitted to the tax inspectorates at the federal level, as well as at the state and municipality levels, if any;
    2) All tax payments are made in full and on time.
    3) The results of previous and ongoing tax office audits are taken into account in the company's work processes.

  • Licenses and Permissions

    The specialist who can help you with licenses and permissions is a corporate attorney.

    Licenses give the right to perform a certain type of company work.

    Permissions give the licensed company the right to work on specific projects.

    For example, a company is licensed as an electrician. To perform construction work of a particular building, the company must obtain permission.

    The corporate attorney must check the availability and status of all licenses necessary for the normal functioning of the business. Full or selective verification of work permits has to be performed for the current or completed jobs.

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