It may be necessary for you to consider having your Italian restaurant’s accounts audited from time to time. This is the only way in which you can get to know whether there are fraudulent activities taking place in the restaurant. An audit may also be necessary for taxation purposes. You have to understand that the tax authorities usually demand that tax payments be based on audited accounts. This means that you have to get your accounts audited, while remitting your taxes to the authorities. If you remit taxes based on unaudited accounts, this may be regarded as an irregularity — on the basis of which you could be heavily penalized.
Audit as a fraud deterrent
The staff in your Italian restaurant are likely to fear engaging in fraudulent activities, if they know that the restaurant’s accounts are audited from time to time. Therefore, even if it serves no other purpose, a regular audit of your Italian restaurant’s accounts does at least deter your staff from defrauding you.
Hiring external auditors
There are firms that specialize in the provision of audit services to other businesses. These may be the sorts of auditors you have to engage, in order to get ‘audited’ accounts for tax remittance purposes.
Setting up an internal audit unit
As you Italian restaurant grows/expands, you may find yourself having to set up an internal audit unit. That is because you may need to have the audit being carried out in real-time and on a full-time basis: hence the need for you to have an internal audit department. Huge, multi-branch restaurants tend to have such internal audit departments as a matter of course. Take, for instance, the Darden restaurants. When you go there, you are likely to find someone who gets a regular krowd darden paycheck on account of working in the internal audit section. So, right there, you’d find someone trying to understand how to login to krowd portal thanks to the fact that he works in the internal audit unit. And similarly, as your Italian restaurant operation expands, you may soon or later get to a point where you just have to set up a similar internal audit unit.