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PCAOB sanctions auditors over audit evidence

Accounting Today

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.

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Recent Cases Show You Shouldn't Mess with Sales Tax Obligations

TaxConnex

The case was referred to investigators after an auditor found that the business hadn’t filed quarterly sales tax returns or remitted sales tax collected for that period. Nothing has changed yet, but one can expect that Florida may change their tune over the next year. billion budget shortfall. billion budget shortfall.

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7 Ways a Business is Selected for Audit

TaxConnex

but with the addition of economic nexus in Florida to start later this year, and Missouri set to potentially follow suit, the realization that money received from economic nexus liabilities is definitely top of mind for states. already seen an increase in the number of audits in the past two years. evidence of tax jurisdictions’?ramping

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Half a dozen ways to mismanage sales tax | TaxConnex

TaxConnex

Some states, such as Florida and Texas, can give one due date for payment and another for the return, meaning you could find yourself with an unexpected penalty. 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.

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Don't Test Your Luck with Non-Compliance

TaxConnex

Even the only two states with a state-wide sales tax that have held out from enacting economic nexus – Florida and Missouri – may be edging toward making sellers collect and remit sales tax. One of your customer s undergoing its own sales tax audit might produce one of your invoices, resulting in the auditor possibly contacting you.

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Friday Footnotes: Florida Man’s Tax Problem; Accountants Are Walking Out; BDO Assures on Tether | 2.10.23

Going Concern

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. The post Friday Footnotes: Florida Man’s Tax Problem; Accountants Are Walking Out; BDO Assures on Tether | 2.10.23

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PCAOB sanctions Florida firm over audit violations

Accounting Today

The Public Company Accounting Oversight Board levied sanctions and $150,000 in penalties against L&L CPAs and three of its auditors for violating its rules and standards.

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