You are not done until you’ve returned the signed form, nothing will happen until you return it, no tax return will be filed, nothing, nadda! Additionally, if I am delayed in attending my after tax season party because I have to chase down missing Forms 8879, I will be unhappy. When I send you my invoice, I will remember that I was unhappy and that I had to go to my party late because I had to chase you down for your Form 8879…. I think we understand each other.

How, you may ask, can you expeditiously get your signed Form 8879 to me (so I’m not late to the party)? I really don’t care how you get it to me: fax, snail mail, in person, carrier pigeon, email. I do, however, prefer that you use secure email or secure carrier pigeon because your social security number is on the form.

Happy tax season, and may all your Forms 8879 be timely!
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1. Greater Confidence in Your Numbers
An audit or review provides assurance that your financial statements are accurate and reliable. This assurance can give owners, boards, and management more confidence when making strategic decisions -especially when expanding, seeking financing, or evaluating performance.
 
2. Early Detection of Issues
While audits and reviews are not designed to detect every error or act of noncompliance, CPAs are trained to recognize patterns, inconsistencies, and process weaknesses that may warrant further attention. Addressing these observations promptly can help reduce the risk of future problems.
 
3. Enhanced Credibility with Stakeholders
Even if no one is requiring it now, having independently verified financials can strengthen your position with:

• Potential lenders or investors - showing transparency and professionalism.
• Vendors and partners - especially when negotiating larger contracts.
• Key employees - reinforcing confidence in the company’s stability.

 
4. Better Internal Controls and Efficiency
An audit provides a more in-depth examination of financial statements and related processes, which can reveal opportunities to strengthen internal controls, streamline operations, and improve recordkeeping accuracy.
 
A review, while more limited in scope, can still highlight areas where processes might be made more efficient or accurate. In either case, addressing these insights can save time, reduce risk, and create a smoother financial workflow.
 
5. Preparedness for Future Opportunities
Opportunities can come quickly - new investors, an acquisition offer, or a loan with favorable terms. Having audited or reviewed financials on hand means you can move faster and present your business in the best light without scrambling to prepare statements under pressure.
 
6. Peace of Mind for Owners and Boards
Even in privately held companies, owners and board members have a fiduciary duty to oversee the financial health of the organization. An independent review or audit can provide reassurance that management is presenting a fair picture of the company’s position and results.
 
Bottom line:


An audit or review isn’t just a compliance exercise - it’s a tool for building trust, improving operations, and positioning your business for growth. Even if no one is asking for it now, the benefits of added credibility, stronger controls, and better decision-making often outweigh the costs.
 
If you’d like to explore whether an audit or review is right for your business, our CPA team can help you evaluate your options and the level of assurance that fits your needs.