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Why Am I Being Audited and How Does the IRS Conduct Them?

RogerRossmeisl

As appearing at the IRS web page entitled “IRS Audits” An IRS audit is a review/examination of an organization’s or individual’s books, accounts and financial records to ensure information reported on their tax return is reported correctly according to the tax laws and to verify the reported amount of tax is correct.

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Financial Audit Preparation Steps: Expert Tips for An External Audit Process 

Withum

Preparing for an audit is a critical step for businesses navigating regulatory compliance, pursuing mergers and acquisitions or completing significant business transactions. Understanding the financial statement audit process and planning ahead can save time, reduce stress and ensure accurate results.

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Understanding When a Retirement Plan Audit Is Required

Withum

Understanding when audited financial statements of a retirement plan are required to be attached to a Form 5500 is an important part of demonstrating fiduciary responsibility over the plan and preventing unnecessary fines for an invalid filing of the 5500. The plan holds no employer securities. mutual funds, variable annuities).

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Layoff Watch ’24: KPMG Shrinks Audit By a Few Hundred People

Going Concern

You’ve likely heard of people in audit getting disappeared from KPMG in recent days, we certainly have. WSJ reports today that KPMG is laying off a few hundred people in audit “as it works to make up for lower levels of voluntary turnover.” ” Meaning attrition is still too low. What shortage?

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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets.

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PCAOB Gives Chinese Audit Firm the Boot Over Rules Violations

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) revoked the registration of a Chinese audit firm on Nov. auditing rules and for failing to cooperate with an investigation into those violations. 8 for repeated violations of U.S.

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How to Maintain Compliance Documentation for Sales Tax Audits | TaxConnex

TaxConnex

Maintaining compliance documentation is crucial for businesses to ensure smooth and successful audits. Unfortunately, many businesses find themselves unprepared when faced with an audit, lacking the necessary documentation. Sales Tax Accruals Ensure that sales tax is stated in your general ledger as a separate GL account number.

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Say ‘Goodbye’ to Clunky Spreadsheets and Say ‘Hello’ to Month-End Automation

Technology is rapidly changing the way accountants perform and manage month-end activities. ART users have enjoyed: Reduced reconciliations by 10 to 40% Faster close processes Less time wasted during audits Real-time close status updates Ready to take control of your month-end close?

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Virtual Cards — Everything You Need to Know

Speaker: Eoin Hession, Controller at Recharge

If you’ve never had the pleasure of creating a virtual card nor enjoyed the benefits of their approval workflows, automatic syncing to the GL, and continuous audit trail, join us to get up to speed on this increasingly mainstream payment innovation. How does it fit into your accounts payable system?

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The CPA Firm Growth Strategy: From Compliance to Consulting

Speaker: Rita Keller - President of Keller Advisors, LLC

You've worked diligently and have built a glowing reputation grounded in your excellent skills in tax, accounting, and auditing. You're known as the “go-to” person when a client is faced with tax and financial decisions. You have a very successful firm -- but that’s not enough.