Preaudit

Filed Under » ,
Dictionary Says

Definition of 'Preaudit'

An accounting practice used prior to the official examination of the accuracy of an organization's financial statements. This preliminary phase of an audit is used to establish the scope of the audit and any special areas of concern. It is also used to gather background information and to request needed documents, records and information. A preaudit may be conducted in the form of a written questionnaire that the auditor gives to the auditee.
Investopedia Says

Investopedia explains 'Preaudit'

A preaudit is also a phase in which an IRS agent examines a tax return that has been selected for audit. Prior to beginning the audit, the agent must check the statute of limitations for the return, review the return, determine the scope of the audit, establish contact with the taxpayer, make an audit appointment with the taxpayer, explain to the taxpayer his rights and get him to sign form 2848, Power of Attorney and Declaration of Representative.

Related Articles

Bank Rates
Product Today Last Wk
$10K MMA 0.50% 0.51%
MMA 0.45% 0.46%
6 Month CD 0.46% 0.47%
1 Year CD 0.70% 0.75%
5 Year CD 1.46% 1.46%
1 Year Jumbo CD 0.66% 0.67%
Rate data provided by Bankrate
Product Today Last Wk
$30K HELOC 4.59% 4.60%
$30K Home Equity Loan 5.74% 5.77%
$50K Home Equity Loan 5.45% 5.50%
$50K HELOC 4.24% 4.24%
$100K Home Equity Loan 5.41% 5.46%
$100K HELOC 4.13% 4.13%
Rate data provided by Bankrate
Product Today Last Wk
30 Year Fixed 3.80% 3.80%
15 Year Fixed 3.09% 3.11%
1 Year ARM 3.54% 3.53%
30 Year Fixed Jumbo 4.38% 4.38%
5/1 ARM 2.65% 2.69%
3/1 ARM 2.69% 2.69%
Rate data provided by Bankrate
Product Today Last Wk
60 Month Used Car Loan 4.51% 4.51%
48 Month Used Car Loan 4.35% 4.35%
48 Month New Car Loan 3.24% 3.24%
36 Month Used Car Loan 4.34% 4.36%
36 Month New Car Loan 3.11% 3.13%
60 Month New Car Loan 3.35% 3.34%
Rate data provided by Bankrate
Partner Links