The new breed of audit

TaxConnex

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. Virtual audit is a real threat.

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KPMG fined £14M over Carillion audit scandal

Accounting Today

Audit KPMG International accounting Audit preparation

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Wilson: Remote audits will become the norm

Accounting Today

Audit Audit software Technology Audit preparation

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KPMG urges audit committees to be more active in cybersecurity

Accounting Today

Audit Cyber security Technology KPMG

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Predicting What’s Next for Firms & Collaboration Tech

Employees leaving. Client demands increasing. That’s the reality for many firms. Put your firm in a position to win by looking at how collaboration and the tools we use have evolved and what the future holds. Avoid pitfalls and implement best practices to give your firm a competitive edge. Download the whitepaper today!

6 Rules of Audit Room Etiquette

Going Concern

Given the two-year in-person hiatus we’ve all just been through , even first-year seniors don’t know how to approach audit room protocols. Rule #3: If you are going to eat your lunch or dinner in the audit room, no foul odors, please. This is the most hotly debated audit room rule.

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Keeping Meticulous Records is the Key to Tax Deductions and Painless IRS Audits

RogerRossmeisl

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. The post Keeping Meticulous Records is the Key to Tax Deductions and Painless IRS Audits appeared first on Roger Rossmeisl, CPA.

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How to Survive an IRS Audit

RogerRossmeisl

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. Here’s how to survive an IRS audit. In fiscal year 2019, the IRS audited approximately 0.4%

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IRS Audits May Be Increasing, So Be Prepared

RogerRossmeisl

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them.

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Tips to avoid an audit on a like-kind 1031 exchange

Accounting Today

Tax audits Tax Tax regulations

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by speeding up the month-end close and better managing your remote teams.

Best Practices for Managing a Sales Tax Audit

TaxConnex

If you and your company haven’t been hit with a sales tax audit yet, congrats. In TaxConnex’s recent market survey more than one in four (26.7%) top finance professionals in a variety of industries report seeing an increase in state sales tax audits in the past two years.

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Wolters Kluwer’s Continuing Audit Education Adds Value

MarkFriedlich

The value of continuing audit education from the School of Audit During the first few months of each year our lives go on hold as we take care of our clients needs. However, if you think that your employees are too busy to care about continuing audit education, think again. […].

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Evolution of the Sales Tax Audit: Have Audits Changed with Economic Nexus?

TaxConnex

So has the sales tax audit. Examiners can still show up and go over your books in person, and tax agencies will still send audit notices via snail mail. Many events can ignite a sales tax audit. There’s no reason to believe more states won’t jump on the sales tax audit bandwagon.

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Tips to Ensure You Don't Mishandle a Sales Tax Audit

TaxConnex

Managing a sales and use tax audit can be challenging. First, you should always anticipate an audit – even if you’ve never been audited before. There are several reasons your business may be audited. sales tax compliance sales tax audits

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Sales Tax Audits - The Danger Grows

TaxConnex

M any industry experts believe that as state tax revenues continue to dry up from the economic shutdown and continuing pandemic , state sales tax audits are likely to increase sharply in the coming months. No audit numbers – yet. could lead to you being audited.

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In the Trenches: My Three Least Favorite Audit Rooms

Going Concern

Audit rooms come in all shapes and sizes—usually small, often windowless, sometimes with chairs you can actually sit on, and almost always as far away from the finance/accounting department as possible. However, one audit room, if you can call it that, was not really a room at all.

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BDO USA Is Finally Trying to Do Something to Improve Its Horrible Audit Quality

Going Concern

While PCAOB inspection reports are only one indicator of how good or bad a public accounting firm’s audit quality is, it’s still pretty embarrassing when a firm gets a bad report card. From 2012’s inspection report to 2016’s report, BDO had an awful average audit failure rate of nearly 63%.

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Jam Tomorrow – When will the ‘Audit of the Future’ Arrive?

Accounting Insight

The accountancy and audit industries have been buzzing for decades around the prospect of the audit of the future. Now, however, we seem to be at a critical stage in our journey towards lasting change, giving cause for optimism that tomorrow’s audit may come sooner than we think.

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7 Ways a Business is Selected for Audit

TaxConnex

sales tax audits ?were sales tax audits to become more common over the next two years. of respondents said they believe audit levels?will already seen an increase in the number of audits in the past two years. ramping up audits remains?anecdotal,?but

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The 'P' in CPA: Understanding auditors’ responsibility to the public

Accounting Today

Audit CPAs PwC Audit preparation

The Growing Risk of Fraud in This Year’s Upcoming Audits

ThomsonReuters

It will come as no surprise after the year we’ve had: the growing risk of fraud in the 2020 year-end audit is real. A number of audit clients have been struggling to survive the COVID-19 pandemic. All of this results in a heightened risk of fraud for the 2020 year-end audits.

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A Review of Upcoming Audit Changes for SAS 134-140

Accounting Web

Auditing A Review of Upcoming Audit Changes for SAS 134-140

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What triggers a sales tax audit and how do you reduce the risks?

ThomsonReuters

What triggers a sales tax audit and how do you reduce the risk of an audit? Almost all companies undergo a sales tax audit at some point. This sales tax audit guide can help indirect tax teams avoid common audit triggers and manage the sales tax audit as smoothly as possible.

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Citrin Cooperman Got Sent to Their Room By the PCAOB For Broker-Dealer Audit Screw-Ups

Going Concern

After doing a quick Google search, it looks like the PCAOB hasn’t punished a public accounting firm for failures in its audits of brokers and dealers since 2016. And three Citrin Cooperman partners were fined a total of $55,000 for their roles in the firm’s subpar auditing.

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COSO chair stepping down

Accounting Today

Audit IMA AICPA

In Non-Russia-Ukraine War News, KPMG UK Screwed Up Another Audit

Going Concern

Let’s take a break from what’s going on right now in Ukraine to tell you something we’ve written a lot about in recent years and that we enjoy writing about: KPMG UK being bad at auditing.

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IRS Tax Audit Representation: reliable help 1-877-788-2937

MyIRSRelief

If you or your company are being audited by the Internal Revenue Service, this is when proper IRS tax audit representation can help. And while having a trained tax preparer, an accountant, or even a CPA is beneficial, that all changes when the IRS decides to conduct an audit. Hiring a representation firm is the way to go about IRS audit representation help. This is when having the right IRS tax audit representation can really help. Audit Tax Issues.

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How Audit is Changing in the Remote World

Accounting Web

A&A How Audit is Changing in the Remote World

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The SEC Only Gives Out Wrist-Slaps to the Big 4 When They Break Independence Rules On Providing Non-Audit Services to Audit Clients

Going Concern

The article also says: In the current investigation, the SEC has asked audit firms to disclose instances to regulators in which the firms provided services such as consulting, tax advice, and lobbying to audit clients, according to the people familiar with the matter.

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BDO restructures assurance practice

Accounting Today

Audit Audit preparation BDO USA PCAOB

Study: Ex-Arthur Andersen Audit Partners Do Not Deserve to Get Shredded

Going Concern

Collectively, the results shed light on one facet of how partners’ audit quality evolves over time. The researchers stated: In compiling our sample, we match Form AP data downloaded from the PCAOB’s website with the audit partner’s LinkedIn profile where available.

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IRS to increase back tax collection, audit enforcement action

MyIRSRelief

If you have not filed your tax returns, or if you owe unpaid back taxes, employment 941/940 payroll tax, or could possibly be audited, the IRS is raising the bar and hiring more revenue officers and revenue agents.

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How Many People Are Being Audited by the IRS?

FraudFiles

In this video, Tracy Coenen briefly defines and audit and how many people are being audited by the IRS. Hint: A very low number of people are being audited, and people with higher incomes are much more likely to be audited.

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PCAOB sets members for new advisory groups

Accounting Today

Audit PCAOB SEC

Tax Audits and Extensions

FraudFiles

Are you more likely to be selected by the IRS for a tax audit if you file an extension for your income tax return? Taxes & Tax Fraud Videos

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Ready or Not, Here Audit Comes!

LSLCPAs

As more and more accounting pronouncements come out, the list of things to do to get ready for audit continues to lengthen, adding more work and stress. The post Ready or Not, Here Audit Comes! “Are your accounts reconciled? Are the capital assets activities booked?

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IRS Corporate Audits Drop 71 Pct, Individual Audits Fall 65 Pct

PYMNTS

Audits of partnership tax returns dropped by 79 percent, while employment tax return examinations fell 42 percent over the same timeframes. Treasury Inspector General for Tax Administration raised questions over the business auditing performance of the agency.

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KPMG Audit Kickstart CPA program will pay new hires to study

Accounting Today

Accounting education Continuing education CPA Exam KPMG

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SVOG Audit Requirements: SBA Provides Updated Guidance

Withum

SBA Clarifies Audit Requirements for Shuttered Venue Operators Grants. This additional information further clarifies the audit requirements for SVOG recipients. The audit requirement is different for non-profit entities (referred to as non-Federal entities) and for-profit entities.

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