CPA Practice

NOVEMBER 19, 2024

A new analysis of audit committee disclosures of companies in the S&P 1500 reveals a plateau in disclosure rates across several areas important to investors, including considerations in appointing or reappointing the external auditor, length of auditor tenure, and how the audit committee evaluates audit fees in relation to audit quality.

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audit auditor Government 111

TaxConnex

JULY 23, 2024

The nature of sales tax audits has changed over the last several years, post-Wayfair. Prior to Wayfair, a significant component of sales tax audits was focused on use tax. This change has required many taxing authorities to pivot slightly in their approach to audits. But how do companies get flagged for an audit?

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audit auditor Sales Tax 264

RogerRossmeisl

APRIL 24, 2024

As reported in IR-2024-46 Using Inflation Reduction Act funding and as part of ongoing efforts to improve tax compliance in high-income categories, the Internal Revenue Service announced on 2/21/24 plans to begin dozens of audits on business aircraft involving personal use.

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audit CPA Tax cpa firm 264

CPA Practice

NOVEMBER 11, 2024

The Public Company Accounting Oversight Board (PCAOB) revoked the registration of a Chinese audit firm on Nov. auditing rules and for failing to cooperate with an investigation into those violations. 8 for repeated violations of U.S.

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audit auditor cpa firm public accounting 111

TaxConnex

JULY 18, 2024

Maintaining compliance documentation is crucial for businesses to ensure smooth and successful audits. Unfortunately, many businesses find themselves unprepared when faced with an audit, lacking the necessary documentation. These certificates validate the tax-exempt status of certain sales and are vital during an audit.

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audit Sales Tax tax return 264

CTP

JANUARY 17, 2025

One of the many roles we play as tax planners is as the taxpayers audit support system. Just the word audit can cause the typical taxpayer to panic. We can help reduce taxpayer stress by orienting them to audit basics long before that notice comes in the mail. billion of potentially fraudulent ERC claims.

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audit Tax auditor tax return 96

TaxConnex

NOVEMBER 29, 2022

that the likelihood of your business being audited is low, but that likelihood has been increasing in recent years. more than one in four (26.7%) top finance professionals reported seeing an increase in state sales tax audits in the past two years. You received a sales tax audit notice from a jurisdiction. Data shows?that

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audit auditor general ledger Non-Profits 262

RogerRossmeisl

NOVEMBER 13, 2022

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. From tax years 2010 to 2019, audit rates of individual tax returns decreased for all income levels, according to the GAO.

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audit tax return CPA Tax 238

ThomsonReuters

DECEMBER 10, 2024

Predictive AI can: Analyze historical data to make forecasts Identify patterns and trends in financial information Estimate future tax liabilities based on past performance Assumes potential audit risk using historical data Generative AI Generative AI creates human-like content based on prompts. Read full press release 3.

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audit Tax Technology tax return 91

ThomsonReuters

DECEMBER 10, 2024

Predictive AI can: Analyze historical data to make forecasts Identify patterns and trends in financial information Estimate future tax liabilities based on past performance Assumes potential audit risk using historical data Generative AI Generative AI creates human-like content based on prompts. Read full press release 3.

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audit Tax Technology tax return 97

TaxConnex

SEPTEMBER 20, 2022

The sales tax audit can be one of the scariest – and costliest -- things an online business ever goes through. If you do get hit with an audit, it’s critical to handle the process correctly. Last time we looked at mistakes companies make leading up to an audit (Check out part 1 here). Those under audit often react emotionally.

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audit Sales auditor Tax 246

TaxConnex

SEPTEMBER 15, 2022

If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. Rightly so: Sales tax audits can find fault with a variety of your operations and can cost you big– if the determination goes against you. Not expecting an audit. Why would you get tagged for audit?

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audit Sales Tax auditor 242

CTP

DECEMBER 2, 2024

Despite your best efforts as a tax planner, your client may still end up facing an audit. Since some audits are randomly chosen, this is an unavoidable reality for those of us in the tax field. The question is: what is our role when it comes to supporting our clients through an audit? Where do our responsibilities begin and end?

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audit Tax auditor tax planning 95

Going Concern

APRIL 11, 2025

In it, they share some salaries for the 114 placements they made in 2024 including the position and city, like a tax manager in San Francisco getting $145,000 at a mid-size firm and an audit senior in Los Angeles working for $95,000 at a top 25 firm. Don’t you just adore this profession? Again, you can read it yourself here.

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audit cpa firm Tax CPA 91

CPA Practice

NOVEMBER 4, 2024

audit workforce—that they would be losing their jobs in the coming weeks, the Wall Street Journal reported on Monday. The job cuts will impact employees such as audit associates and managers but not partners, according to the WSJ. These job cuts also included employees in business services, audit, and tax. of its U.S.

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audit accounting firms Tax Account 64

Going Concern

JANUARY 9, 2025

Training Hours for Audit Personnel. Experience of Audit Personnel. Average years of career experience of senior professionals in key industries audited by the firm at the firm level and the audited companys primary industry at the engagement level. Retention of Audit Personnel (firm-level only). across the firm.

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audit auditor Education accounting firms 125

RogerRossmeisl

APRIL 28, 2024

And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. Be aware that there’s no one way to keep business records.

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audit tax return CPA Tax 197

ThomsonReuters

NOVEMBER 4, 2024

← Blog home In the rapidly evolving field of auditing, AI-powered technologies are revolutionizing traditional processes. The need for advanced technologies in modern auditing has never been more apparent, and artificial intelligence (AI) is at the forefront of this evolution.

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audit Technology auditor CPA 52

MyIRSRelief

DECEMBER 27, 2024

When the IRS decides to audit your tax returns, the experience can be daunting and stressful. An IRS tax audit is essentially a review of an individual’s or organization’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is accurate.

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audit Tax tax return Legal 130

Withum

FEBRUARY 13, 2025

New York plans to align with the federal centralized partnership audit regime as part of Governor Kathy Hochuls fiscal year 2026 budget. The IRS’s centralized partnership audit regime (CPAR), established by the Bipartisan Budget Act of 2015, streamlines the audit process for partnerships.

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New York audit Washington Tax 75

Going Concern

OCTOBER 18, 2024

SEC’s Dropped Auditing Charges Shows Damage of Jarkesy Decision [ Bloomberg Law ] The Securities and Exchange Commission’s recent decision to drop misconduct charges against a handful of auditors proves the SEC v. Sign up for Always-On Recruiting to get more great candidates like these in your inbox every week.

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audit auditor New York accounting and finance 104

Shay CPA

FEBRUARY 19, 2025

Enter: a financial audit. Whether youre facing an external trigger (like an audit request from an investor or bank) or youre ready to have an outside expert look over your books, your startup can probably benefit from an audit. Thats not to say that audits arent burdensome. Thats not to say that audits arent burdensome.

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audit auditor accrual accounting accounting principles 52

Accounting Today

APRIL 3, 2025

The 10 firms with the most public company audit clients accounted for 65% of the total market, down from 70% in 2023.

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audit Account accounted accountant 126

CTP

JANUARY 15, 2025

Just the mention of the word audit can strike fear into a taxpayers heartbut with enough preparation, an audit does not have to be a reason for anxiety. Each year, a number of audits are randomly chosen by the IRS, so the possibility of being audited is unavoidable even if your tax return has been filled out perfectly.

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audit auditor Legal tax return 52

CPA Practice

OCTOBER 17, 2024

State and local governments are being squeezed by a shortage of accounting professionals, making it difficult at times to find staff CPAs who can prepare critical financial information or outside firms to conduct audits. Yet salaries and audit fees are often well below those offered in the private sector, the report found.

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cpas Government auditor Account 119

MyIRSRelief

APRIL 11, 2025

Whether its unfiled tax returns, back tax debt, 941 payroll tax issues, IRS levies, garnishments, or audits, these challenges can feel overwhelming. IRS Audits : Being selected for an IRS audit can be intimidating. Audits may result in additional tax assessments, penalties, and interest if discrepancies are found.

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payroll tax Tax tax return payroll 130

CPA Practice

OCTOBER 8, 2024

According to a new report from top six accounting firm BDO USA, company finance leaders are expecting technology like artificial intelligence to be used by their external auditors now to enhance their audit engagement and consider it the second-most important factor when choosing an audit firm. Graph courtesy of BDO USA.

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audit Finance auditor Technology 143

Withum

MARCH 6, 2025

It is never too early for plan sponsors to start thinking about the organizations employee benefit plan audit. Generally, audits cant begin until the spring, when the recordkeepers have provided the audit package, which includes a collection of reports detailing the plan’s operations for the year.

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audit auditor payroll 69

ThomsonReuters

JANUARY 21, 2025

Blog home In the ever-evolving landscape of auditing, the integration of artificial intelligence (AI) has emerged as a transformative force. AI-powered risk identification tools are revolutionizing the audit process, enhancing efficiency, accuracy, and overall effectiveness.

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audit Gaming auditor Technology 52

CPA Practice

OCTOBER 24, 2024

Given the significant changes in the auditing environment since that time, the PCAOB made it a priority to modernize and update those rules. In 2023, only 14 audit firms out of a total of more than 1,600 registered with the PCAOB met the 100-issuer-or-more threshold. 1, A Firm’s System of Quality Management , adopted by the AICPA.

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auditor audit financial statements accounting firms 126

Withum

DECEMBER 20, 2024

The team recognized the need for external support and a more streamlined solution to avoid potential audit issues and ensure financial accuracy. The results of the engagement included: Improved accuracy and compliance, reducing the risk of potential audit issues.

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audit quickbooks accounting principles Technology 52

CPA Practice

DECEMBER 11, 2024

Wolters Kluwer, a provider of professional information, software solutions, and services, has announced two significant enhancements to its TeamMate+ audit management platform: Multi-Year Audit Planning and the Business Rules Engine. This new functionality enables audit teams to ensure data integrity throughout the audit cycle.

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audit Technology Government 59