Accounting Today

JUNE 6, 2024

A recent survey from Thomson Reuters said auditors find new technology that assists during the execution/fieldwork phase of an engagement to be most useful.

auditor 128

auditor Technology audit 128

Accounting Today

MAY 7, 2024

The Public Company Accounting Oversight Board sanctioned three auditors from Florida accounting firm Liggett & Webb for violations involving audit evidence, professional skepticism, and other matters.

auditor 126

auditor audit Florida accounting firms 126

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

CPA Practice

NOVEMBER 19, 2024

A new analysis of audit committee disclosures of companies in the S&P 1500 reveals a plateau in disclosure rates across several areas important to investors, including considerations in appointing or reappointing the external auditor, length of auditor tenure, and how the audit committee evaluates audit fees in relation to audit quality.

audit 111

audit auditor Government 111

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 accounted Account 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

Going Concern

JANUARY 9, 2025

AARP The Council of Institutional Investors Hmm there’s a pattern here I just can’t put my finger on it… Conway’s position is that the large audit firm staffing model is a mismatch for the complexity auditors are expected to master. This is not the staffing model we would adopt if we were starting from scratch.

audit 125

audit auditor Education accounting firms 125

CPA Practice

NOVEMBER 13, 2024

Wolters Kluwer, a provider of information, software, and services for professionals, has collaborated with The Institute of Internal Auditors’ Internal Audit Foundation on a research report: Harnessing Generative AI for Internal Audit Activities.

audit 111

audit auditor Government 111

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 accountant accounted 124

CPA Practice

DECEMBER 9, 2024

Staff report The latest edition of the Public Company Accounting Oversight Board (PCAOB) Audit Focus series provides staff insights for auditors on audit committee communications. The new series of PCAOB staff guidance is intended to provide easy-to-digest information to auditors, especially those who audit smaller public companies.

auditor 52

auditor audit accounted Account 52

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 accountant 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

Withum

DECEMBER 18, 2024

The dreaded request from your financial statement auditors for the year-end tax provision file and financial statement footnotes? Are your dreams of a relaxing holiday interrupted by what you know is waiting for you on January 2?The Start Planning Our Income Tax Accounting Expertise Preparing U.S.

Tax 122

Tax auditor financial statements income tax 122

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.

audit 245

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.

audit 243

audit Sales auditor Tax 243

TaxConnex

OCTOBER 15, 2024

Auditors might not knock on your door today but could be knocking on the door of one of your vendors. Just another story in how devastating the financial impact and criminal sentence can be for those who try to avoid sales and use tax. ( It Depends explains many issues concerning the complexity surrounding sales and use tax.

Sales 203

Sales New Hampshire Tax income tax 203

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

Accounting Today

FEBRUARY 14, 2025

The Public Company Accounting Oversight Board has posted a series of online "knowledge checks," or multiple-choice questions, to help auditors gauge their understanding of various aspects of the PCAOB's new quality control standard.

auditor 101

auditor Account accountant accounted 101

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

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

TaxConnex

JANUARY 21, 2025

Sans a valid exemption/resale certificate, an auditor examining your records one day might conclude that a transaction was taxable when you claim it wasnt and that you collected and remitted no sales tax on it. The responsibility to determine the validity of the exemption certificate , though, rests with you the business.

Non-Profits 147

Non-Profits auditor Hospitality Sales 147

CPA Practice

FEBRUARY 27, 2025

This latest knowledge check, or informal quiz, highlights various aspects of the new confirmation standard, which was approved by the PCAOB in September 2023.

auditor 105

auditor audit accountant Account 105

CTP

JANUARY 17, 2025

Our clients should know the reasons they might be selected for an audit, how they will find out they are being audited, and what an IRS auditor might ask for. Preparing to Meet IRS Requests The most common request from an auditor is for verification of claims made on our clients tax return.

audit 96

audit Tax auditor tax return 96

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

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.

auditor 134

auditor audit 134

CPA Practice

NOVEMBER 11, 2024

First, on multiple occasions, the accounting firm failed to timely report the participants in its issuer audits on PCAOB Form AP, in violation of PCAOB Rule 3211, Auditor Reporting of Certain Audit Participants.

audit 111

audit auditor cpa firm public accounting 111

Going Concern

JANUARY 3, 2025

Check out Accountingfly’s top remote accounting candidates of the week and sign up for Always-On Recruiting to get a new batch of accountants and auditors for hire in your inbox every week — free! We dont know, Matthew Dunlap, Maines state auditor, said. To Be Continued… Oh do we have things to say about this.

auditor 98

auditor audit Rhode Island cpa firm 98

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

Summit CPA

OCTOBER 10, 2024

Do not withhold information from an auditor intentionally. Hiding information from an auditor may create a fraudulent situation. Padding business deductions with non-deductible personal expenses may be considered tax fraud. Information concealed during an audit. It’s stressful enough just going through a tax audit.

auditor 93

auditor audit tax return Tax 93