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The new breed of audit

TaxConnex

In years past, auditors could show up at your door asking to look at your records. Usually, you learn about an audit through a notice or letter from the state or jurisdiction in question with instructions on how the audit will proceed. Many audits are conducted remotely, and an auditor never visits your office.

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7 Ways a Business is Selected for Audit

TaxConnex

As we entered 2021, many industry experts believed that state? sales tax audits ?were sales tax audits to become more common over the next two years. An audit of one of your suppliers – If one of your suppliers is investigated in an audit, there’s a potential for questions to arise on an exemption certificate for example.

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Friday Footnotes: Florida Man’s Tax Problem; Accountants Are Walking Out; BDO Assures on Tether | 2.10.23

Going Concern

Audit Americanas’ $4 Billion Accounting Scandal Puts More Scrutiny on PwC’s Auditing Record [ Bloomberg ] A $4 billion accounting shortfall would typically raise alarm bells for an auditor. The IRS said it first issued a summons in 2021, but Kraken has failed to comply.

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