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Worried About an IRS Audit? Prepare in Advance

RogerRossmeisl

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. From tax years 2010 to 2019, audit rates of individual tax returns decreased for all income levels, according to the GAO.

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In ongoing accounting crunch, where to go for sales tax help?

TaxConnex

Your sales tax obligations depend on knowledge and that knowledge often resides in a professional tax specialist (usually an accountant) who helps your company meet its sales tax obligations. This is a complicated time for sales tax obligations – and a terrible time to try to hire an accountant. There were about 1.65 in 2022, up 1.3%

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SEC upped accounting, auditing enforcement in FY 2023

Accounting Today

The 83 publicly disclosed accounting and auditing enforcement actions represented the highest number of actions initiated since FY 2019.

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EY Says Wirecard Gave False Statements During 2019 Audit

PYMNTS

The company was involved in deliberate deceit and had given false statements on escrow while EY was carrying out the 2019 audit of the company, which EY took to the relevant authorities, Reuters reported. billion on its books that may not exist. He posted 5 million euros in bail and was released on Tuesday (June 23).

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The Audit Profession’s Inability to Retain Talent Poses a Serious Threat to Audit Quality

Going Concern

Those employers with a history of mismanaging their human capital , like the largest audit firms, are being hit the hardest. The public accounting business model has relied excessively on its ability to counter the effects of massive turnover with its ability to hire and train massive numbers of new people every year directly out of college.

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Imagine the Chaos If the PCAOB Starts Naming and Shaming Audit Deficiency Clients

Going Concern

“In other words, the reported deficiencies had to be so serious that, in our view, the audit firm could not provide reasonable assurance that the financial statements were free from material misstatement due to error or fraud,” explained former board member J. .” And you thought NOCLAR was controversial.

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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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