Audit veteran MarshaSealy explains why it's high time for all contracts to be 'fair and equitable.'
"This is your music, your business and your brand. It’s on you to invest in yourself," says audit veteran Marsha Sealy.
What artists and songwriter/producers need to understand first is the fundamental difference between an auditor and an accountant. A number of auditors are also accountants, handling and validating the bookkeeping, preparing financial documents such as profit-and-loss statements, balance sheets and overseeing the controls that govern the accounting process. Generally, however, accountants and internal auditors are employees of the organization where they work.
Among the telltale signs that can prompt an audit request: When was the last time a statement was received? From that point, the label or publisher typically has 90 days to gather all the needed documentation for the audit. The contract should stipulate the timeframe in which the documentation must be provided for review.
Further regarding contracts, you'd be surprised at how many artists will sign without reading and realizing what they're signing. Don't sign anything until an entertainment attorney can review the document. For example, I've had clients complain that they haven't been paid when, in fact, their contract stipulates that payment will not be rendered until expenses are recouped.
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