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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. Sales Tax Audit Triggers.

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Friday Footnotes: EY’s Six CEO Candidates; Deloitte UK Partner Payouts Increase Again; IIA Gets Their Way | 9.29.23

Going Concern

Smucker — makers of Smucker’s jam, Folger’s coffee and Jif peanut butter — has an innovative return to office policy. The company expects each of its roughly 1,300 Orrville, Ohio-based corporate workers to be on site for 22 “core” weeks a year. Still, the results give offshore bondholders something to chew on.

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Friday Footnotes: ‘KPMG Did Not Know What They Were Doing’; Are You Boring?; PCAOB Warns About Confirmations | 3.25.22

Going Concern

I would have thought that accountants would be seen as boring, but effective and the perfect person to do a good job on your tax return,” Wijnand Van Tilburg, a study co-author and senior lecturer in the university’s psychology department, said in a statement last week. PCAOB Spotlight PDF here.

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Friday Footnotes: The Profession vs. Gen Z; CPA Firms Get Back to the Office; Deloitte Quits | 6.23.23

Going Concern

Audit “When you are a hammer, the world is a nail” – SEC and PCAOB Senior Staff Signal Increased SEC and PCAOB Gatekeeper Enforcement [ Lexology ] SEC Enforcement and PCAOB Enforcement both are pursuing more significant sanctions against auditors, particularly with respect to civil money penalties.

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Friday Footnotes: Big 4 Culture Gets Slammed Again; Audit Leads the Way in AI; Small Firm Gripes | 11.10.23

Going Concern

“Financial reporting leaders, but also investors, regulators, and other stakeholders in the capital markets expect AI to drive audit quality. . “Financial reporting leaders, but also investors, regulators, and other stakeholders in the capital markets expect AI to drive audit quality.

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Friday Footnotes: Working 100 Hours a Week (For Real); 99% of Firms Short on Staff; The EY Power Struggle | 8.4.23

Going Concern

Audit Fireside Chat with PCAOB Chair Erica Y. Trump-Tied SPAC Hits Another Snag as Auditor Abruptly Resigns [ Bloomberg ] Special-purpose acquisition company Digital World Acquisition Corp. said in a filing Tuesday that its auditor Marcum LLP — which has been riddled with regulatory problems of its own — abruptly resigned.