Going Concern

JANUARY 20, 2023

Under rules introduced in 2016, large UK-listed companies are required to change auditor at least every 20 years and to run a competitive tender once a decade. The developments raise the stakes for companies that until now have been reporting environmental, social and governance data on a largely voluntary basis.

auditor 96

auditor Technology audit financial statements 96

Going Concern

MARCH 31, 2023

auditors who believe their part of the firm could end up weakened by a deal. audit, tax and advisory firm, as title sponsor in an effort to advance equity, access and opportunity for underrepresented and underrated youth in the sport of golf. He previously held various tax roles at KPMG. John King and Frank Mahoney, senior U.S.

auditor 103

auditor audit Virginia Technology 103

ThomsonReuters

JUNE 28, 2023

If you’re a tax firm leader looking to differentiate yourself from the competition, providing your clients with insight into their ESG data is a great way to set your firm apart. When you look at ESG through the lens of a tax and accounting firm, reporting on environmental, social, and governance factors is enabled by data.

Tax 98

Tax auditor audit Technology 98

SMBAccountant

OCTOBER 21, 2020

There are certain expenses that a business incurs that the federal government does not reimburse. While these costs may be legitimate business expenses, the federal government may disallow a cost which means it cannot be reimbursed using the incurred costs rates calculated to reimburse costs for cost contracts.

Government 100

Government general ledger Account accountant 100

TaxConnex

SEPTEMBER 22, 2020

Taxes are an integral part of the telecom world. Taxes, fees and government surcharges on telecommunications services increased from 19.1% In talking with countless telecommunications service providers about their various tax and regulatory requirements, there are some recurring themes I hear that can be troubling.

Tax 236

Tax California auditor Sales 236

ThomsonReuters

MAY 16, 2024

The Public Company Accounting Oversight Board (PCAOB) has recently adopted a significant new auditing standard, AS 1000, titled “ General Responsibilities of the Auditor in Conducting an Audit.” AS 1000 updates key auditor responsibilities, emphasizing their role in protecting investor interests with independent reports.

auditor 98

auditor audit financial statements Government 98

TaxConnex

OCTOBER 25, 2022

There’s always something changing in the world of tax, especially sales tax. The Urban Institute told news outlets that 25 states recently reported year-over-year declines in sales tax receipts, a jump of more than a third in just a month. Nationwide, sales tax receipts were up 1.5% Inflation bites. in real terms.

South Dakota 130

South Dakota Sales Tax South Carolina 130

Going Concern

MAY 19, 2023

How the tax leaks scandal forced PwC out of the shadows [ Australian Financial Review ] A brutal news cycle shredded any hope PwC had that this would be a circuit breaker. Labor senator Deborah O’Neill, who helped reveal the extent of the tax leaks, homed in on the review. Chinese companies switch auditors to avoid U.S.

auditor 100

auditor audit accounting and finance South Carolina 100

ThomsonReuters

DECEMBER 6, 2022

The spotlight on environmental, social, and governance (ESG) continues to intensify as businesses are increasingly being called upon to disclose more about their ESG performance and strategies. Then there’s the tax implications. More specifically, ESG-related tax incentives. What is the role of the auditor in ESG reporting?

auditor 59

auditor Account accountant accounted 59

Going Concern

AUGUST 12, 2022

Hold Auditors Accountable for Complicity in Corporate Fraud [ Bloomberg Tax ] Unfortunately, since the fall of Arthur Anderson in the wake of the Enron scandal, the SEC and PCAOB have often failed to go after auditors playing fast and loose with the rules. So, how is tax season like a gallon of milk? Get rid of them.

auditor 96

auditor Account accountant accounted 96

ThomsonReuters

MARCH 19, 2024

What if a sales tax audit needs to be appealed? What happens after the audit, win or lose Sales tax audits may be an unfortunate fact of corporate life, but not all audits are the same. There are generally two issues that drive a sales tax audit assessment , ” Bobby says. How should you prepare for an audit defense?

audit 52

audit Sales Tax auditor 52

Going Concern

APRIL 7, 2023

The alliance is part of PwC UK’s technology-driven strategic plan to reframe the way traditional tax, legal and people services are delivered. Signature and First Republic were both led by former KPMG partners, and KPMG was the auditor for Silicon Valley Bank for nearly 30 years. If Your Job Exposed to ChatGPT?

auditor 102

auditor chartered accountant audit accounting and finance 102

ThomsonReuters

JUNE 16, 2023

Keeping pace with the ever-changing tax regulatory landscape can be difficult and time consuming. According to new data released in October 2022 by the IRS, tax gap estimates are on the rise. After a projection of enforced and other late payments totaling $70 billion, the net tax gap projection is $470 billion.

Tax 97

Tax tax return audit income tax 97

Going Concern

APRIL 30, 2024

It’s been almost six years since the Canadian government legalized recreational cannabis and ever since, a microcosm of financial reporting and auditing has been growing (no pun) beside it. Note that many companies switched auditors so not all fees listed went to the current auditor.) billion Canadian dollar ($3.7

auditor 100

auditor audit Legal Tax 100

SMBAccountant

AUGUST 26, 2020

When a small business enters the world of government contracting, the risk associated with maintaining supporting documentation increases significantly. For sales tax purposes, the receipt that shows the itemized purchases with sales tax is required. One example that is present in almost all businesses is a dinner receipt.

Government 100

Government Account accountant accounted 100

SMBAccountant

AUGUST 26, 2020

When a small business enters the world of government contracting, the risk associated with maintaining supporting documentation increases significantly. For sales tax purposes, the receipt that shows the itemized purchases with sales tax is required. One example that is present in almost all businesses is a dinner receipt.

Government 100

Government Account accountant accounted 100

MyIRSRelief

OCTOBER 28, 2022

In case you were not aware of what the FTB is, it is the California board that is responsible for collecting all of the personal income tax and business franchise taxes that are assessed every year for people and companies in California. The board uses several methods to collect owed taxes.

California 130

California audit Tax income tax 130

Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? the auditor of Tesla Korea, about the company’s financial statements for last year.

CPA 98

CPA auditor Tax audit 98

Going Concern

SEPTEMBER 16, 2022

EY fired auditor for not approving illegal transactions, says a new lawsuit [ Reuters ] Ernst & Young LLP has been sued by a former partner who says she was forced out of her job for refusing to sign off on client transactions that violated tax and securities laws. IRS Has the Funding to Hire Tens of Thousands.

auditor 86

auditor Iowa audit Mississippi 86

CPA Practice

FEBRUARY 17, 2023

The single audit process is very complex, specific, and ever-changing,” said Piritta van Rijin, Global Head of Product, Accounting, Tax & Practice, Thomson Reuters. “Each year, U.S. accounting firms perform approximately 40,000 single audits for clients who receive federal grants.

auditor 52

auditor audit accounting firms financial statements 52

TaxConnex

OCTOBER 27, 2020

We can’t say it enough – sales tax is complex. We’ve compiled some of the top questions we get from clients on sales & use tax. Part 1 of these questions was on sales tax and business services. What is the difference between sales and use tax? Most states have both a "sales" and a "use" tax.

Sales 189

Sales Tax Retail auditor 189

TaxConnex

JULY 6, 2023

In part 1, we looked at the mounting financial costs of maintaining sales tax compliance with the thousands of tax jurisdictions nationwide. Rolling the dice What have companies done to avoid complying with sales tax regs where they have economic or physical nexus? Do not collect sales tax and fail to remit it.

auditor 130

auditor audit Tax Sales 130

TaxConnex

JANUARY 18, 2022

There’s a lot of talk in sales tax about nexus, thresholds, forms, filing and many other details of compliance. One often overlooked aspect of compliance, but extremely important, is the sales tax exemption certificate. An exemption certificate is used to exempt an otherwise taxable transaction from sales tax.

auditor 198

auditor Manufacturing Tax Sales 198

Going Concern

MARCH 10, 2023

KPMG has served as SVB auditor since 1994. Deloitte, EY Offer Competing Tools to Curb Carbon Emissions [ Bloomberg Tax ] Big Four rivals Deloitte and Ernst & Young announced Wednesday similar offerings to help companies weigh options to reduce their emissions of planet-warming greenhouse gases.

Tax 108

Tax auditor audit accounting and finance 108

Going Concern

MAY 27, 2022

Splitting auditing and consulting: EY auditors fear a pay cut [ eFinancialCareers ] Many auditors also aspire to move out of audit and into jobs in the more lucrative consulting arms. Allstate, Assurant Ask for Tweak to Insurance Accounting Rule [ Bloomberg Tax ] Allstate Insurance Co. H&R Block? and Assurant Inc.

auditor 96

auditor audit accounting standards Technology 96

CPA Practice

APRIL 25, 2024

The domestic sales tax landscape in the United States has been in a constant state of flux over the last decade. In fact, the 2023 Vertex End-of-Year Sales Tax Rates and Rules report shows that a total of 444 sales tax rate changes took place across all U.S. States continue to issue new fees, exemptions and tax holidays.

Sales 52

Sales Tax Minnesota Tennessee 52

CPA Practice

APRIL 22, 2024

The domestic sales tax landscape in the United States has been in a constant state of flux over the last decade. In fact, the 2023 Vertex End-of-Year Sales Tax Rates and Rules report shows that a total of 444 sales tax rate changes took place across all U.S. States continue to issue new fees, exemptions and tax holidays.

Sales 52

Sales Tax Minnesota Tennessee 52

Going Concern

JANUARY 2, 2024

— Daily Tax Memes (@DailyTaxMemes) January 2, 2024 More than 16 thousand people sat for BEC before it went bye-bye , almost three times as many as the score release before it. The current governance of the Big Four encompasses the worst aspects of partnership governance and the worst aspects of corporate governance,” she said.

Government 62

Government Account accountant accounted 62

CPA Practice

JANUARY 30, 2024

sales tax rate changes reached a 10-year high in 2023, proving once again that it will be challenging for businesses to meet their ever changing compliance obligations. This is according to data in the 2023 End-of-Year Sales Tax Rates and Rules report, which is conducted annually by Vertex a provider of tax technology solutions.

Sales 73

Sales Tax auditor tax services 73

ThomsonReuters

NOVEMBER 2, 2023

It also revises the definition of significant risk so that auditors will be focused on where the risks lie on a spectrum of inherent risk. As auditors, it’s important to understand how to effectively apply SAS 145 to ensure compliance and enhance the overall audit process. Let’s take a look. Focus on the risk itself.

auditor 105

auditor audit Government Account 105

Going Concern

NOVEMBER 24, 2023

Bonuses will also be cut, with staff in KPMG’s 2,900-strong tax and legal arm receiving 55 per cent of the full amount that could have been paid, an insider said. Tax Court Provides Evidentiary Lesson On Professional-Reliance Defense [ Forbes ] Reasonable cause is a common defense to civil tax penalties. UK inflation stood at 4.6

auditor 108

auditor audit tax return cpas 108

Going Concern

APRIL 14, 2023

EY Decision to Call Off Auditing Split Leaves Investors Stranded [ Bloomberg Tax ] Now that EY has deserted any plans to assuage these concerns through a thoughtful split, it’s created a contentious environment for other firms to pursue well-advised efforts to separate their business lines.

Tax 102

Tax auditor audit accounting firms 102

Cherry Bekaert

APRIL 4, 2024

The IRA created and expanded tax incentives for individuals who own or rent a home to invest in energy-saving home improvements. These individuals can now earn a percentage of their money spent back through federal energy tax credits. Taking advantage of energy tax credits can seem like a daunting task.

auditor 87

auditor tax return audit Tax 87

Going Concern

DECEMBER 11, 2023

In new research, Matthias Breuer, Anthony Le, and Felix Vetter find that when companies are required by the government to seek a third-party financial audit, they turn to lower quality auditors. At first sight, this result appears puzzling as it seems to suggest that more auditors can be attracted with lower wages.

auditor 102

auditor Account accountant accounted 102

Going Concern

FEBRUARY 10, 2023

Talent As tax season approaches, accounting firms are short on staff [ Marketplace ] Oh hey! Audit Americanas’ $4 Billion Accounting Scandal Puts More Scrutiny on PwC’s Auditing Record [ Bloomberg ] A $4 billion accounting shortfall would typically raise alarm bells for an auditor.

Florida 96

Florida Tax North Dakota Account 96

Going Concern

JUNE 9, 2023

A March report by the New South Wales Auditor-General [ PDF ] breaks everything down by the numbers and is mentioned here because the PwC tax scandal went down on their side of the world. Another concern when it comes to government reliance on outside consultants: knowledge transfer.

Government 52

Government Maryland auditor accounting and finance 52

FraudFiles

JUNE 21, 2022

Tax audits are scary, especially if you’ve got unusual income or deductions. The assumption is that at the end of the process, you’re going to owe the government money. Even truthful answers can hurt you when talking to an auditor. Do NOT volunteer extra data or documents to the auditor. You’re not. You’re not.

audit 52

audit auditor Tax CPA 52