Accounting Today

SEPTEMBER 17, 2024

Auditor independence is an area of common deficiencies year after year, according to PCAOB inspections.

auditor 122

auditor audit 122

Accounting Today

MAY 13, 2024

The Public Company Accounting Oversight Board approved two new standards on a firm's system of quality control and the general responsibilities of the auditor in conducting an audit, albeit with pushback on the QC standard from one board member.

auditor 128

auditor audit Account accounted 128

RogerRossmeisl

NOVEMBER 9, 2023

Issues unique to certain taxpayers IRS auditors need to examine. The post How IRS Auditors Learn About Your Business Industry appeared first on Roger Rossmeisl, CPA. Other guides address issues that frequently arise in audits, such as executive compensation, passive activity losses and capitalization of tangible property.

auditor 130

auditor audit tax return Construction 130

Going Concern

MARCH 15, 2023

While the general investing public is asking “where were the auditors?” To any members of the general investing public reading this: “due professional care” means the independent auditor planned and performed the work required of them according to audit standards. Back to the auditors.

auditor 145

auditor audit accounting principles financial statements 145

Accounting Today

OCTOBER 7, 2024

The Center for Audit Quality and the Anti-Fraud Collaboration released a new publication on the role of the auditor in assessing and responding to fraud risk.

auditor 122

auditor audit 122

Accounting Today

DECEMBER 7, 2023

The Securities and Exchange Commission's chief accountant cautioned auditors and public companies about the statement of cash flows after spotting problems that could lead to a financial restatement.

auditor 124

auditor Account accounted accountant 124

CPA Practice

OCTOBER 24, 2024

Webinar : This webinar, led by expert staff in the PCAOB’s Office of the Chief Auditor, provides an overview of QC 1000 requirements and is designed to help auditors prepare for the standard’s implementation. 1, A Firm’s System of Quality Management , adopted by the AICPA.

auditor 126

auditor audit financial statements accounting firms 126

TaxConnex

NOVEMBER 29, 2022

Unfortunately, there’s no playbook for determining the company profile that will attract a state’s auditors, but there are measures you can take to assess your exposure: Understand physical and economic nexus. ?Physical Also be careful who the auditor has access to and what areas of your business they have access to. First moves.

audit 262

audit auditor general ledger Non-Profits 262

Accounting Today

SEPTEMBER 19, 2023

The Public Company Accounting Oversight Board issued a proposal to amend its rule for an individual auditor's or audit firm's contributory liability for knowingly or recklessly contributing to violations.

auditor 128

auditor audit Account accounted 128

TaxConnex

JULY 23, 2024

While exemption certificates have always been a hot topic with state auditors, having the appropriate validated certificates has become more important. An audit of one of your suppliers could turn up one of your exemption certificates for something the auditor may think is taxable - resulting in a flag for an audit of your company.

audit 264

audit auditor Sales Tax 264

TaxConnex

JULY 18, 2024

Proper documentation allows auditors to interpret and verify your financial transactions accurately. This can lead to auditors assuming transactions are taxable, or making historical projections or arbitrary assessments of taxable sales. This separation helps in clearly identifying and tracking sales tax amounts.

audit 264

audit Sales Tax tax return 264

Accounting Today

NOVEMBER 14, 2023

from 2021 to 2022, and more auditors are using data analytics in their audits, according to a new report. Average audit fees increased by 4.6%

auditor 129

auditor audit Technology 129

TaxConnex

APRIL 28, 2022

In years past, auditors could show up at your door asking to look at your records. Many audits are conducted remotely, and an auditor never visits your office. Auditors can tap different data sources to select audits more accurately based on the level of risk, and to use new tools to automate the repetitive tasks of an audit.

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audit auditor general ledger Minnesota 245

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. Documentation typically required by an auditor can include invoices, exemption certificates , summary reports, tax returns, and more.

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audit Sales auditor Tax 243

CPA Practice

JULY 23, 2024

audit regulator recently spoke to auditors who work at the U.S. the Big Four, RSM US, BDO USA, Grant Thornton), as well as several auditors from non-affiliated firms in the U.S. In their view, human involvement remains essential for auditors and preparers and is needed to review the output from GenAI.

auditor 109

auditor audit financial statements Legal 109

TaxConnex

DECEMBER 23, 2021

One of your customers undergoing their own audit might produce one of your invoices, resulting in the auditor possibly contacting you for an exemption certificate or other documents. Auditors know that competitors tend to have similar business models and that some industries are more susceptible than others to tax deficiencies.

audit 244

audit Sales Tax auditor 244

TaxConnex

SEPTEMBER 20, 2022

Always treat the auditor with respect and dignity. It’s also a good idea to assign one person from your company to manage the relationship with the auditor. Be careful about leaving the auditor alone in an environment where they have access to records or other employees. Not thinking you can work with an auditor.

audit 246

audit Sales auditor Tax 246

Going Concern

DECEMBER 21, 2023

Assuming no one but select audit partners actually read this crap, let’s take a look at how auditors should expect increased vigilance in 2024 so everyone can be better informed and stock up on KY. You’ve been warned, auditors. ” And God forbid you people not file a Form 3 in a timely manner or YOU WILL BE PUNISHED.

auditor 119

auditor audit financial statements 119

TaxConnex

FEBRUARY 3, 2022

Bad luck for one, or a customer of yours undergoing their own audit might produce one of your invoices, resulting in the auditor possibly contacting you for an exemption certificate or other documents. An audit of one of your suppliers could turn up one of your exemption certificates for a transaction that the auditor may think is taxable.

audit 245

audit Sales Tax auditor 245

Going Concern

APRIL 11, 2024

Keeping with a yearly tradition more reliable than the arrival of Santa in the early hours of December 24, Ideagen Audit Analytics has released their annual market share analysis of auditor engagements for public companies. The post For the Eighth Year in a Row, EY Is the Busiest Public Company Auditor appeared first on Going Concern.

auditor 104

auditor audit Account accounted 104

Accounting Today

MARCH 4, 2024

A roundup of the flood of sanctions, fines and penalties issued over the past year or so by the PCAOB.

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auditor audit 134

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. In this blog, we’ll examine 7 of the most common.

audit 246

audit auditor Missouri Sales 246

Accounting Today

OCTOBER 7, 2024

Companies increasingly expect their audit firms to leverage artificial intelligence to aid the audit process, according to a new survey from BDO.

auditor 122

auditor audit 122

TaxConnex

FEBRUARY 27, 2024

million accountants and auditors in the U.S. Are they experienced with auditors? More generally, accounting talent pool concerns are pressing even for accounting firms , as enrollment rates of accounting students continue to fall. There were about 1.65 in 2022, up 1.3% from the previous year but down 2.6% from 2020 and down 15.9%

Sales 264

Sales Tax Account accountant 264

Accounting Today

OCTOBER 30, 2024

Richard Chambers is seeing a neverending series of crises confronting internal auditors and posing risks to their organizations.

auditor 75

auditor audit 75

TaxConnex

JANUARY 18, 2022

If you can’t produce a valid resale certificate for a transaction with a buyer/customer, an auditor is likely to assume the transaction was taxable. One of the first requests from the auditor will be for you to provide copies of all exemption certificates, including resale certificates.

auditor 246

auditor Manufacturing Sales Tax 246

TaxConnex

JULY 27, 2021

In the absence of a valid resale certificate, an auditor is likely to assume the transaction was taxable. If you buy tangible personal property for resale and are audited, one of the first requests from the auditor will be for you to provide copies of all exemption certificates, including resale certificates. Why ‘resale’?

auditor 246

auditor Sales audit Tax 246

Accounting Today

OCTOBER 8, 2024

A survey of internal audit and IT leaders found that while they identity AI as a growing technology risk, they have the least confidence in their ability to evaluate and handle its risks versus other technologies.

auditor 135

auditor audit 135

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. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law.

auditor 246

auditor CPA Tax cpa firm 246

CPA Practice

NOVEMBER 13, 2024

The Public Company Accounting Oversight Board (PCAOB) introduced on Wednesday a new series of staff guidance, “Audit Focus,” that is intended to provide easy-to-digest information to auditors, especially those who audit smaller public companies, with critical audit matters (CAMs) as the first topic.

auditor 81

auditor audit financial statements Account 81

TaxConnex

JULY 9, 2024

Regarding reconciliation of data to your sales tax returns, auditors don’t generally look at returns, but you still should prepare your return as accurately as possible. Auditors will ask for data and any replated invoices. But have workpapers or data related to returns that you filed and have a process to capture these records.

Sales 264

Sales Tax Colorado tax return 264

Accounting Today

AUGUST 29, 2023

These are the first sanctions ever against a firm over independence violations because it's a member of an alliance where another firm did work for the same client.

auditor 124

auditor accounting firms audit accountant 124

RogerRossmeisl

JUNE 26, 2022

Originally issued in 2004, the purpose of the Audit Techniques Guide (ATG) was to offer guidance to IRS auditors auditing cost segregation studies. On 6/1/22, the IRS made available an update to the “Cost Segregation Audit Techniques Guide” (Publication 5653).

audit 240

audit auditor CPA Tax 240

RogerRossmeisl

JULY 17, 2022

Fraud risk assessments generally are conducted by internal auditors, either on a standalone basis or as part of a comprehensive enterprise risk management program. But although almost 50% of businesses perform fraud assessments, many owners and managers may be unaware of the value of these procedures and how the assessment process works.

auditor 236

auditor CPA 236

Accounting Today

OCTOBER 10, 2023

A majority of chief audit executives and information technology audit leaders consider cybersecurity to be a top risk over the next year, but they're less concerned about artificial intelligence.

auditor 134

auditor audit Technology 134

Accounting Today

MARCH 27, 2024

A negative outlook on work-life balance is one of the most important factors driving people away from the auditing profession.

auditor 128

auditor audit 128

CPA Practice

OCTOBER 8, 2024

According to a new report from top six accounting firm BDO USA, company finance leaders are expecting technology like artificial intelligence to be used by their external auditors now to enhance their audit engagement and consider it the second-most important factor when choosing an audit firm.

audit 143

audit Finance auditor Technology 143