July 23, 2020
I borrowed more than $2 million. I understand that means I will absolutely be audited, but what do I need to do to prepare for that?
Posted by Armanino Financial Advisory Team
You need to be prepared to show your rationale for the original loan application, because you certified that you had a need for the funds due to economic uncertainty. Separately, you should also gather and keep all the documentation necessary to substantiate your use of funds because that is a separate audit which you’re also likely to undergo. You need to keep all of this documentation for six years.