The Audit Checklist Every Alaska Business Should Use

If the word “audit” sends a chill down your spine, you’re not alone. But for many Alaska businesses, audits are a standard part of doing business—and they don’t have to be stressful. With the right preparation, an audit can be a smooth, efficient process that confirms your compliance and helps you grow stronger.

At MCAC, we’ve guided clients through hundreds of audits over the last four decades. Here’s the checklist we recommend to every business that wants to be audit-ready year-round.

1️⃣ Organize Your Financial Records

Auditors want to see clean, accessible records. That means income statements, balance sheets, general ledgers, bank statements, and tax returns should be up-to-date and easy to access.

Bonus tip: Keep digital and hard copies where appropriate, and store them securely with backups.

2️⃣ Reconcile All Accounts

Your bank, credit card, loan, and payroll accounts should be fully reconciled. Inconsistencies raise red flags and lead to unnecessary questions during an audit.

MCAC helps clients reconcile accounts monthly, so there’s never a last-minute scramble.

3️⃣ Maintain Clear Supporting Documentation

For every expense, income entry, or adjustment, there should be a receipt, invoice, or note explaining the transaction. This is especially important for high-dollar or unusual items.

Well-labeled folders or digital scans with notes make a big difference.

4️⃣ Review Your Internal Controls

Auditors want to know how you prevent fraud and ensure accuracy. Even small businesses should have some internal checks in place—like dual approvals or segregation of duties.

We often help clients document these processes in simple, audit-friendly formats.

5️⃣ Fix Any Known Issues in Advance

If you know something is off—missing receipts, uncategorized expenses, or late filings—address it before the audit. Proactive fixes show professionalism and build trust with auditors.

6️⃣ Ask for Help if You’re Unsure

Not sure where to start? You don’t have to figure it out alone. At MCAC, we’ve walked businesses through internal audits, state compliance reviews, and IRS exams.

A checklist is just the beginning—our team makes sure nothing gets overlooked.

Being audit-ready doesn’t mean being perfect—it means being organized, consistent, and prepared to answer questions. If your business could use support getting there, MCAC is here to help.

📞 Let’s talk about a customized audit prep plan for your business today.