Internal audits bring transparency and accountability to the stakeholders of your cannabis business. Macro events and new legislation has changed many of the rules for both individuals and businesses, and the election also has many tax implications.
As tax season approaches, it’s a good time to think of planning moves that will help prepare for a possible external audit from the IRS, for example.
Internal Audit Due Diligence Checklist: https://bit.ly/3b8XsM3
Using Cannabis Business Data to Improve Your Profitability: https://youtu.be/0LlXuQJkgEU
In this video we will cover:
What is an internal audit? (1:34)
Legal Entities and Structure: understanding the structure of your business (3:01)
Fund Flow: how does money flows in and out of your business? (4:51)
Internal Controls: understand key accounting and business cycles and identify gaps in them (5:46)
Tax Compliance (11:24)
Operational Metrics & KPIs (13:29)
Key Takeaways (15:26)