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Friday Footnotes: PwC Scandal Somehow Gets More Scandalous; Deloitte Denied in Court; Withum Embiggens in Florida | 11.8.24

Going Concern

The report also recommends that these private firms be limited to 400 partners, and that they be prevented from offering both audit and non-audit work – like consulting services – to the same client. However, the town claims it is not able to act on one of the recommendations by auditors. It’s free!

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In the blogs: Here to stay

Accounting Today

The IRS has lost almost a third of its auditors to DOGE cuts, and now the DOJs special tax crimes unit is axed. student in accounting at Louisiana State University and the first recipient of the Barry C. Studer CPA and Michael Studer for repeat violations related to a 2019 audit. TaxConnex ( [link] ): Happy birthday, Wayfair!

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Half a dozen ways to mismanage sales tax | TaxConnex

TaxConnex

Your system also needs to correctly calculate and account for tax rates at a local level, which can a complication especially in home rule states like Louisiana and Colorado. Audits Thankfully, you may never go through a sales tax audit. Auditors will ask for data and any replated invoices.

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What’s new in sales tax?

TaxConnex

It did, but the South Carolina Department of Revenue later audited Amazon and found that it had failed to adequately tax sales by third-party merchants. Auditors slapped Amazon with some $12.5 million in taxes, penalties and interest for the first three months of 2016.

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Friday Footnotes: Tim Ryan Works Too Hard; Fake CPA Gets Violent Over QuickBooks Files; PwC PR | 10.20.23

Going Concern

AI PwC Offers Advice From Bots in Deal With ChatGPT Firm OpenAI [ Bloomberg ] PricewaterhouseCoopers LLP has teamed up with ChatGPT owner OpenAI to offer clients advice generated by artificial intelligence as the Big Four audit firms look to cut costs and boost productivity. CEO, Audit & Assurance, Deloitte & Touche LLP.

CPA
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Sales Tax Issues for Online Retailers

Withum

Alabama, Alaska, Arizona, Colorado, and Louisiana are “home rule” states which permit the municipalities or counties to govern themselves with certain restrictions. Also, many states are hiring more sales tax auditors to audit more companies and identify related vendors who may not comply with sales tax.

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Friday Footnotes: Behemoth Big 4 Firms Get Behemothier; Audits Get Harder; Eliminate Clients! | 11.11.22

Going Concern

The next generation of accountants and auditors is in demand, but Ben Lansford, an accounting professor and director of the Master of Accounting program at the Jones Graduate School of Business at Rice University explained why some are hesitant. Audit Fees Rise Only 2.5%, But Audits Require Greater Effort [ CFO ].