Expert insights. Personalized for you.
For instance, a manager may fail to call attention to business risks or dispute an auditor’s findings. Management overrides of internal controls can make your company more vulnerable to fraud. MORE
In other words, your business can use the same guides to gain insight into what IRS auditors know, and what the IRS is looking for in terms of compliance with tax laws and regulations. The post What IRS Auditors Know About Your Business Industry appeared first on Roger Rossmeisl, CPA. MORE
You don’t want to accidentally give an auditor a wrong file or utilize old data in your returns. When we talk with businesses about sales tax compliance, we eventually get to a discussion about preparing and filing returns. Many times, this starts with “how hard can it be”. “It’s MORE
The issue is that auditors don’t arrive only after the fiscal year has been closed. MORE
An audit of your customer – A customer undergoing its own sales tax audit may produce one of your invoices , resulting in the auditor questioning why you are not charging sales tax and potentially leading to an inquiry or nexus questionnaire being sent to your company. MORE
In the absence of a valid resale certificate, an auditor is likely to assume the transaction was taxable. An exemption certificate is used to exempt an otherwise taxable transaction from sales tax. MORE
DCAA provides an excellent online reference tool, the Selected Area of Cost Guidebook, for contractors and auditors alike to review costs for allowability. There are certain expenses that a business incurs that the federal government does not reimburse. MORE
The West Virginia State Auditor’ s office has announced a new tax program aimed at vendors who owe the state money. The number of vendors to be included in the intercept routine will gradually get larger until all vendors are included,” State Auditor John B. B2B Payments auditor B2B delinquent intercept News payment tax taxes vendors West Virginia What's Hot In B2B MORE
These different methods of accounting for R&D costs can be audit hot spots for both the government contracting and IRS auditors. MORE
An internal auditor at a Mumbai branch of Punjab National Bank is accused of conspiring with other officials to defraud the lender of $2 billion, reported Reuters. Citing Federal police in India, Reuters reported the Central Bureau of Investigation (CBI) said it has arrested Mohinder Kumar Sharma, an auditor at the lender, as the probe into the fraud continues to expand. MORE
As pressure continues to mount on the so-called Big Four corporate auditors in both Australia and the U.K., Grant Thornton is expected to divest Sports Direct as a client next month amid rising concerns over the company’s accounting practices, with the auditor separately announcing plans to take a “line by line” review of its clients. the Financial Times reports that the conglomerates are gearing up to offload some of its riskiest corporate clients. MORE
Often, the blame is cast in the direction of the auditors. The auditors are an easy target. Not only do they usually have professional liability insurance policies to fall back on, the auditors initially seem like the logical culprit. MORE
Good news and press for your business could also put you on the radar for auditors. Many companies’ documentation is poorly organized and hard for an auditor to interpret. Be sure you have your documentation in order before the auditor shows up. MORE
The issue is that auditors don’t arrive only after the fiscal year has been closed. MORE
According to a report in The Sydney Morning Herald , National Australia Bank’s outgoing chairman Ken Henry and other executives held discussions last week with its independent auditor, Ernst & Young , about the shortcomings in the bank’s risk management. EY has been the bank’s independent auditor for 13 years. But Australia’s banks have defended the decision to shell out millions of dollars to independent auditors for additional consulting work. MORE
Simply because there is a fraud, a business failure, or a pyramid scheme collapse, the auditors are not necessarily at fault. The auditors may have carried out their professional responsibilities exactly as they should have, but they still did not uncover the fraud. MORE
As Barak Fund Management looks for the green light to reshuffle a large trade finance fund, auditors are looking into concerns raised about the business, Bloomberg reported. MORE
Auditors should be required “to find fraud rather than stumble over it,” Donald Brydon , appointed last year to overhaul audit standards in the United Kingdom, told the Financial Times. Many are now debating the role of auditors in fraud mitigation. MORE
DCAA auditors not only want to see that there is a policy in place, but there is continued effort to monitor the effectiveness through separation of duties and internal audits. MORE
Wirecard has postponed publication of its 2019 annual report after disclosing that its auditor can’t confirm the existence $2.1 billion in trust accounts — or about a quarter of the value on the company’s books. MORE
Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by one recent U.S. If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. MORE
News MORE
In a perfect world, when the time for an audit rolls around, you'd simply greet the auditor, show them your files, and wait for your perfect grade. 5 min read. MORE
Criticism has mounted against the FRC in the wake of the collapse of government contracting giant Carillion — policymakers question how the government was unable to prevent its auditor, KPMG, from identifying Carillion’s accounting failures. MPs accused KPMG of “failing to exercise professional skepticism,” and the ordeal has amplified calls to break up the nation’s Big Four auditors, which, along with KPMG, include PwC, EY and Deloitte. The U.K. MORE
During a sales tax audit, one of the first requests from the auditor will be for you to provide copies of all exemption certificates for any exemptions you have claimed on your returns. An exemption is an exception that eliminates the need to pay sales tax. MORE
What the chief accounting officer (Stiehl) did amounted to “auditor selection process improprieties.” Basically, independence is a core attribute that auditors must have. MORE
On another note, the County Auditors’ Association of Ohio (CAAO) is forming a group to study the application of blockchain technology on real estate transactions, CoinDesk reported. CAAO President and Stark County Auditor Alan Harold said in an announcement posted on the SafeChain website, “The goal of this working group is to consider how county auditors can be forward-thinking to improve the taxpayer experience in conveying and transferring real property.”. MORE
As the fallout from Wirecard ‘s $2 billion accounting scandal continues, some attention has turned to the Germany-based payment company’s auditor, Ernst & Young (EY). The Auditor’s Role. MORE
Internal auditors at Deutsche Bank found weaknesses in anti-money laundering processes resulted in checks and high-value electronic payments being processed without undergoing the proper vetting. In 2018 under 100 checks were impacted but the internal auditors aren’t sure how many got through before 2018. Bank Regulation anti money laundering rules Anti-Money Laundering auditor auditors banking checks Deutsche Bank fraud News What's Hot MORE
In April, one day before the delayed report was published, EY auditors told Wirecard of their concerns with how the third-party business was presented. MORE
His comments come after FT published documents last week allegedly provided by whistleblowers that “appear to indicate a concerted effort to fraudulently inflate sales and profits at Wirecard businesses in Dubai and Ireland, as well as to potentially mislead EY, Wirecard’s Tier 1 auditor.”. Wirecard has insisted that its “group auditor Ernst & Young GmbH, Germany, confirmed that they have complied and will comply with all statutory and professional audit standards.”. MORE
Reports said the FRC also intends to heighten its scrutiny of auditor governance and leadership, risk mitigation processes, control and overall behavior. financial watchdogs have stepped up their oversight of the accounting and auditing industry amid a string of corporate accounting scandals, collapses and questions over the dominance of the Big Four auditing firms. The U.K. MORE
As auditors, we understand that. 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. MORE
Several high-profile corporate collapses and initiatives from corporate accounting standard-setters have raised questions about businesses’ use of supply chain finance and whether the trade finance tool prevents investors and auditors from gaining a transparent view into company finances. MORE
CaseWare International ‘s new technology will attempt to let accountants and auditors work better with customers, particularly as the world emerges from the coronavirus pandemic. B2B Payments accountant auditor B2B CaseWare digital taxes What's Hot In B2B MORE
USA Technologies’ shares lost roughly 45 percent of their value on Thursday in intraday trading after an SEC filing by the firm revealed that RSM US LLP, the firm’s auditor, resigned over concerns tied to financial reporting by the company. In the meantime, USA Technologies said in the same filing that it will seek to have a new independent auditor in place as soon as “practicable.”. MORE
Issue 3: I am an accounting major, auditor, or I don’t have enough experience in tax to promote the book. Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. ABOUT. CONTACT. Earn $20 per Book Promoting My Tax Preparer Book from Home in Your Spare Time. MORE
Even with all the publicity surrounding the issue of financial fraud in the last twenty years, most auditors, investors, and other professionals still do not “get it” when it comes to detecting fraud. Auditors examine a very small percentage of transactions. Inexperienced Auditors. MORE
Auditors of the European Union said Thursday (Jan. According to the report, auditors said that the EU has only been able to get back about 15 percent of the misused funds. The auditors found that misused EU funds totaled 391 million euros or $451 million in 2017, in line with the past four years, but the EU’s anti-fraud investigative office OLAF was only able to indict EU member states in 45 percent of cases. MORE
Former ASIC Chairman Greg Medcraft warned that declining audit quality runs the risk of high-profile corporate collapses, pointing to the Enron scandal that went undetected by auditors — described as the “gatekeepers” that “facilitate trust,” Medcraft said. Auditors are not skeptical enough. He suggested that more competition, not tougher regulation, is key to keeping auditors in check and keeping auditing standards elevated. MORE
Will you advise me on what to share with the auditor? They said it would be simple. They said they could automate it all, but in fact, you’re still doing a lot of the work. MORE
The newly aggressive tactics suggest the FRC took note of criticism by policymakers that the regulator was ineffective and “toothless” to address substandard auditing by the nation’s Big Four auditors: KPMG, PwC, Ernst & Young and Deloitte. ” B2B Payments auditor B2B corporate accounting Financial Reporting Council KPMG News PWC What's Hot In B2BThe U.K.’s MORE
auditor Related Topics RogerRossmeisl
SEPTEMBER 6, 2021
In other words, your business can use the same guides to gain insight into what IRS auditors know, and what the IRS is looking for in terms of compliance with tax laws and regulations. The post What IRS Auditors Know About Your Business Industry appeared first on Roger Rossmeisl, CPA.
FraudFiles
SEPTEMBER 20, 2021
Simply because there is a fraud, a business failure, or a pyramid scheme collapse, the auditors are not necessarily at fault. The auditors may have carried out their professional responsibilities exactly as they should have, but they still did not uncover the fraud.
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FraudFiles
DECEMBER 28, 2020
Often, the blame is cast in the direction of the auditors. The auditors are an easy target. Not only do they usually have professional liability insurance policies to fall back on, the auditors initially seem like the logical culprit.
FraudFiles
AUGUST 11, 2021
What the chief accounting officer (Stiehl) did amounted to “auditor selection process improprieties.” Basically, independence is a core attribute that auditors must have.
PYMNTS
JUNE 10, 2019
Internal auditors at Deutsche Bank found weaknesses in anti-money laundering processes resulted in checks and high-value electronic payments being processed without undergoing the proper vetting. In 2018 under 100 checks were impacted but the internal auditors aren’t sure how many got through before 2018. Bank Regulation anti money laundering rules Anti-Money Laundering auditor auditors banking checks Deutsche Bank fraud News What's Hot
FraudFiles
JANUARY 4, 2021
Even with all the publicity surrounding the issue of financial fraud in the last twenty years, most auditors, investors, and other professionals still do not “get it” when it comes to detecting fraud. Auditors examine a very small percentage of transactions. Inexperienced Auditors.
PYMNTS
JULY 2, 2020
As the fallout from Wirecard ‘s $2 billion accounting scandal continues, some attention has turned to the Germany-based payment company’s auditor, Ernst & Young (EY). The Auditor’s Role.
PYMNTS
MARCH 18, 2021
As Barak Fund Management looks for the green light to reshuffle a large trade finance fund, auditors are looking into concerns raised about the business, Bloomberg reported.
PYMNTS
JULY 19, 2020
In April, one day before the delayed report was published, EY auditors told Wirecard of their concerns with how the third-party business was presented.
PYMNTS
JANUARY 2, 2020
Several high-profile corporate collapses and initiatives from corporate accounting standard-setters have raised questions about businesses’ use of supply chain finance and whether the trade finance tool prevents investors and auditors from gaining a transparent view into company finances.
PYMNTS
JANUARY 10, 2019
Auditors of the European Union said Thursday (Jan. According to the report, auditors said that the EU has only been able to get back about 15 percent of the misused funds. The auditors found that misused EU funds totaled 391 million euros or $451 million in 2017, in line with the past four years, but the EU’s anti-fraud investigative office OLAF was only able to indict EU member states in 45 percent of cases.
PYMNTS
FEBRUARY 7, 2019
USA Technologies’ shares lost roughly 45 percent of their value on Thursday in intraday trading after an SEC filing by the firm revealed that RSM US LLP, the firm’s auditor, resigned over concerns tied to financial reporting by the company. In the meantime, USA Technologies said in the same filing that it will seek to have a new independent auditor in place as soon as “practicable.”.
|
PYMNTS
AUGUST 8, 2019
As pressure continues to mount on the so-called Big Four corporate auditors in both Australia and the U.K., Grant Thornton is expected to divest Sports Direct as a client next month amid rising concerns over the company’s accounting practices, with the auditor separately announcing plans to take a “line by line” review of its clients. the Financial Times reports that the conglomerates are gearing up to offload some of its riskiest corporate clients.
PYMNTS
MAY 28, 2019
Reports said the FRC also intends to heighten its scrutiny of auditor governance and leadership, risk mitigation processes, control and overall behavior. financial watchdogs have stepped up their oversight of the accounting and auditing industry amid a string of corporate accounting scandals, collapses and questions over the dominance of the Big Four auditing firms. The U.K.
PYMNTS
AUGUST 5, 2019
According to a report in The Sydney Morning Herald , National Australia Bank’s outgoing chairman Ken Henry and other executives held discussions last week with its independent auditor, Ernst & Young , about the shortcomings in the bank’s risk management. EY has been the bank’s independent auditor for 13 years. But Australia’s banks have defended the decision to shell out millions of dollars to independent auditors for additional consulting work.
PYMNTS
JUNE 18, 2020
Wirecard has postponed publication of its 2019 annual report after disclosing that its auditor can’t confirm the existence $2.1 billion in trust accounts — or about a quarter of the value on the company’s books.
PYMNTS
MARCH 2, 2018
An internal auditor at a Mumbai branch of Punjab National Bank is accused of conspiring with other officials to defraud the lender of $2 billion, reported Reuters. Citing Federal police in India, Reuters reported the Central Bureau of Investigation (CBI) said it has arrested Mohinder Kumar Sharma, an auditor at the lender, as the probe into the fraud continues to expand.
TaxConnex
SEPTEMBER 2, 2021
Good news and press for your business could also put you on the radar for auditors. Many companies’ documentation is poorly organized and hard for an auditor to interpret. Be sure you have your documentation in order before the auditor shows up.
PYMNTS
JULY 2, 2020
Auditors should be required “to find fraud rather than stumble over it,” Donald Brydon , appointed last year to overhaul audit standards in the United Kingdom, told the Financial Times. Many are now debating the role of auditors in fraud mitigation.
PYMNTS
JUNE 5, 2020
CaseWare International ‘s new technology will attempt to let accountants and auditors work better with customers, particularly as the world emerges from the coronavirus pandemic. B2B Payments accountant auditor B2B CaseWare digital taxes What's Hot In B2B
PYMNTS
OCTOBER 21, 2019
His comments come after FT published documents last week allegedly provided by whistleblowers that “appear to indicate a concerted effort to fraudulently inflate sales and profits at Wirecard businesses in Dubai and Ireland, as well as to potentially mislead EY, Wirecard’s Tier 1 auditor.”. Wirecard has insisted that its “group auditor Ernst & Young GmbH, Germany, confirmed that they have complied and will comply with all statutory and professional audit standards.”.
RogerRossmeisl
JULY 27, 2021
Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by one recent U.S. If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them.
PYMNTS
AUGUST 8, 2018
Criticism has mounted against the FRC in the wake of the collapse of government contracting giant Carillion — policymakers question how the government was unable to prevent its auditor, KPMG, from identifying Carillion’s accounting failures. MPs accused KPMG of “failing to exercise professional skepticism,” and the ordeal has amplified calls to break up the nation’s Big Four auditors, which, along with KPMG, include PwC, EY and Deloitte. The U.K.
PYMNTS
FEBRUARY 21, 2019
On another note, the County Auditors’ Association of Ohio (CAAO) is forming a group to study the application of blockchain technology on real estate transactions, CoinDesk reported. CAAO President and Stark County Auditor Alan Harold said in an announcement posted on the SafeChain website, “The goal of this working group is to consider how county auditors can be forward-thinking to improve the taxpayer experience in conveying and transferring real property.”.
PYMNTS
MAY 6, 2019
The West Virginia State Auditor’ s office has announced a new tax program aimed at vendors who owe the state money. The number of vendors to be included in the intercept routine will gradually get larger until all vendors are included,” State Auditor John B. B2B Payments auditor B2B delinquent intercept News payment tax taxes vendors West Virginia What's Hot In B2B
TaxConnex
MAY 18, 2021
An audit of your customer – A customer undergoing its own sales tax audit may produce one of your invoices , resulting in the auditor questioning why you are not charging sales tax and potentially leading to an inquiry or nexus questionnaire being sent to your company.
GrowthForceBlog
MARCH 18, 2021
In a perfect world, when the time for an audit rolls around, you'd simply greet the auditor, show them your files, and wait for your perfect grade. 5 min read.
TaxConnex
OCTOBER 26, 2021
You don’t want to accidentally give an auditor a wrong file or utilize old data in your returns. When we talk with businesses about sales tax compliance, we eventually get to a discussion about preparing and filing returns. Many times, this starts with “how hard can it be”. “It’s
MarkFriedlich
MARCH 31, 2020
As auditors, we understand that. 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.
TaxConnex
JULY 27, 2021
In the absence of a valid resale certificate, an auditor is likely to assume the transaction was taxable. An exemption certificate is used to exempt an otherwise taxable transaction from sales tax.
PYMNTS
JUNE 20, 2018
The newly aggressive tactics suggest the FRC took note of criticism by policymakers that the regulator was ineffective and “toothless” to address substandard auditing by the nation’s Big Four auditors: KPMG, PwC, Ernst & Young and Deloitte. ” B2B Payments auditor B2B corporate accounting Financial Reporting Council KPMG News PWC What's Hot In B2BThe U.K.’s
SMBAccountant
OCTOBER 21, 2020
DCAA provides an excellent online reference tool, the Selected Area of Cost Guidebook, for contractors and auditors alike to review costs for allowability. There are certain expenses that a business incurs that the federal government does not reimburse.
SMBAccountant
JULY 14, 2020
The issue is that auditors don’t arrive only after the fiscal year has been closed.
RogerRossmeisl
NOVEMBER 27, 2020
For instance, a manager may fail to call attention to business risks or dispute an auditor’s findings. Management overrides of internal controls can make your company more vulnerable to fraud.
SMBAccountant
DECEMBER 16, 2020
These different methods of accounting for R&D costs can be audit hot spots for both the government contracting and IRS auditors.
TaxConnex
JUNE 15, 2021
Will you advise me on what to share with the auditor? They said it would be simple. They said they could automate it all, but in fact, you’re still doing a lot of the work.
SMBAccountant
NOVEMBER 4, 2020
DCAA auditors not only want to see that there is a policy in place, but there is continued effort to monitor the effectiveness through separation of duties and internal audits.
AdviceForTaxpreparers
SEPTEMBER 8, 2020
Issue 3: I am an accounting major, auditor, or I don’t have enough experience in tax to promote the book. Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. ABOUT. CONTACT. Earn $20 per Book Promoting My Tax Preparer Book from Home in Your Spare Time.
SMBAccountant
JULY 14, 2020
The issue is that auditors don’t arrive only after the fiscal year has been closed.
TaxConnex
FEBRUARY 23, 2021
One of your customer s undergoing their own sales tax audit might produce one of your invoices, resulting in the auditor possibly contacting you for a certificate of exemption or other documents.
TaxConnex
DECEMBER 29, 2020
During a sales tax audit, one of the first requests from the auditor will be for you to provide copies of all exemption certificates for any exemptions you have claimed on your returns. An exemption is an exception that eliminates the need to pay sales tax.
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