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Kill the Audit Industry, Says Ex-Auditor

Going Concern

In the WaPo opinion pages yesterday one Duncan Mavin, who got his start in the 90s, says the best way to solve the audit industry’s many conflicts is to kill it altogether. He starts the piece summoning the ghost of Enron, as all writers do when discussing what happens when audit goes wrong. billion in global revenue.

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Sales Tax Horror Stories: Audits

TaxConnex

Our third annual survey of financial professionals showed that although most companies (67%) reported that state sales tax audits have remained at the same level over the past two years, almost one in four respondents (23%) said they expect such audits to increase in coming months. “Scary” has five letters. Read the notice.

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Average audit fees are rising as auditors turn more to technology

Accounting Today

Average audit fees increased by 4.6% from 2021 to 2022, and more auditors are using data analytics in their audits, according to a new report.

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How IRS Auditors Learn About Your Business Industry

RogerRossmeisl

Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS Audit Techniques Guides (ATGs). Issues unique to certain taxpayers IRS auditors need to examine.

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PCAOB Looks to Amend Rule on Auditors’ Liability for Audit Firm Violations

CPA Practice

A proposal issued by the Public Company Accounting Oversight Board (PCAOB) on Tuesday would hold auditors and others more accountable when they negligently, directly, and substantially cause their firm to violate auditing standards.

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Internal audit profession growing in America

Accounting Today

The internal audit function is gaining more people and funding, according to a new survey released Monday during an Institute of Internal Auditors conference in Las Vegas.

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Navigating EDD Tax Audits: The Benefits of Professional Representation

MyIRSRelief

Tax audits can be a daunting experience for any taxpayer, and when it comes to the Employment Development Department (EDD) audits, the stakes can be particularly high. An EDD tax audit focuses on ensuring that businesses comply with CA state payroll tax laws, which can be complex and multifaceted.

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