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Exemption certificate management and audits

TaxConnex

Under audit, an otherwise exempt sale will be deemed taxable without such documentation from a customer – and just a few missing certificates can result in large penalties and interest. In this blog based on one of our recent webinars, here are how states and other tax jurisdictions are getting tougher with their exemption certificate audits.

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How to enhance the audit experience

Menzies

Importance of an Audit A lot of business owners think audits are much of a muchness, however their quality can vary significantly. The annual audit is occasionally considered as a commodity purchase. Financial reporting council (FRC) The FRC is planning to tighten its ethical standards further to improve audit quality.

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Friday Footnotes: RTO Isn’t Going So Great; KPMG Wins Something; What Auditors? | 5.19.23

Going Concern

Special Report: KPMG Canada beats Big Four accounting rivals in net new client gains [ Canadian Accountant ] For the second year in a row, KPMG Canada has surpassed its Big Four rivals in net new audit client gains, helping to offset the loss of a controversial company as an audit client. Chinese companies switch auditors to avoid U.S.

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The Importance of Validating Resale Certificates

TaxConnex

If you can’t produce a valid resale certificate for a transaction with a buyer/customer, an auditor is likely to assume the transaction was taxable. If the store is not the original manufacturer of the item, then they purchased that inventory, and they did not pay sales tax on it. Let’s say you go to the store to buy an item.

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Friday Footnotes: Inside PwC Cheating; Audit Market Monopoly; AI Anxiety | 12.15.23

Going Concern

As reported by Canadian Accountant, PwC Canada has already paid Canadian and US audit regulators more than one million dollars in fines, after disclosing widespread sharing of answers by its accountants on internal training tests. Market studies would help drive improvements in the audit market, the FRC said.

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Friday Footnotes: Ex-CPA Leaves Clients in the Lurch Before Tax Day; EY Layoffs; More ERC Concerns | 4.12.24

Going Concern

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? This situation worsened in 2023,” says the report, which was tabled in council in March.

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Monday Morning Accounting News Brief: Consulting Really Sucks Right Now; Inside a PwC Leadership Race | 3.25.24

Going Concern

The Financial Reporting Council, audit watchdog to those zany Brits, said today that it won’t be able to increase headcount just yet because something something laws. “Britain’s audit watchdog pauses hiring after delay in new powers,” Reuters March 25, 2024 FRC fines have almost doubled in two years.

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