Remove auditor Remove financial statements Remove Government Remove Tax
article thumbnail

Watch Out for These Sales Tax Audit Triggers

CPA Practice

With more than 13,000 sales and use tax jurisdictions across the United States, tax rates are subject to change as new policies are implemented and others expire. In a typical fiscal year, there are thousands of sales tax rate updates. Just the thought of being selected for a sales tax audit can be intimidating.

audit 115
article thumbnail

Monday Morning Accounting News Brief: ‘Auditors Are Not Lawyers’; Big 4 Break Up? | 7.31.23

Going Concern

Market concentration in the consultancy industry came to a head this year after it was revealed PwC partners had misused information by passing on confidential Federal Government information to clients, sparking the sale of its consulting business to Allegro Funds to $1. It’s very important for our economy that we have proper audit,” he said.

auditor 98
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The rise of ESG accounting and what it means for auditors

ThomsonReuters

The spotlight on environmental, social, and governance (ESG) continues to intensify as businesses are increasingly being called upon to disclose more about their ESG performance and strategies. Risks and opportunities related to ESG matters may have an unfavorable, favorable, or neutral effect on financial statements.

auditor 59
article thumbnail

Friday Footnotes: Disengaged Team? Do This; Deloitte’s Huge India Expansion; Auditors Yelled At…Again | 3.24.23

Going Concern

Tax The IRS plans to tax some NFTs as collectibles — and the rich would pay up to 28% on profits [ CNBC ] The IRS said it plans to tax some non-fungible tokens, or NFTs, as collectibles akin to art or gems — an approach that would tax profits for wealthy owners at a higher rate relative to assets such as stocks, real estate and cryptocurrency.

auditor 104
article thumbnail

ESG and data: Management tips for tax firm leaders

ThomsonReuters

If you’re a tax firm leader looking to differentiate yourself from the competition, providing your clients with insight into their ESG data is a great way to set your firm apart. When you look at ESG through the lens of a tax and accounting firm, reporting on environmental, social, and governance factors is enabled by data.

Tax 98
article thumbnail

Friday Footnotes: Crippling Staff Shortages in Consulting; Hold Auditors Accountable; AICPA is Mad | 8.12.22

Going Concern

Hold Auditors Accountable for Complicity in Corporate Fraud [ Bloomberg Tax ] Unfortunately, since the fall of Arthur Anderson in the wake of the Enron scandal, the SEC and PCAOB have often failed to go after auditors playing fast and loose with the rules. So, how is tax season like a gallon of milk? PwC fined nearly £1.8m

auditor 98
article thumbnail

Costs of non-compliance (part 2)

TaxConnex

In part 1, we looked at the mounting financial costs of maintaining sales tax compliance with the thousands of tax jurisdictions nationwide. Rolling the dice What have companies done to avoid complying with sales tax regs where they have economic or physical nexus?

auditor 130