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.

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audit auditor Missouri Sales 246

TaxConnex

JULY 27, 2021

In the absence of a valid resale certificate, an auditor is likely to assume the transaction was taxable. Depending on the state, additional information may also be required. An exemption certificate is used to exempt an otherwise taxable transaction from sales tax. Why ‘resale’? The importance.

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auditor Sales audit Tax 246

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.

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TaxConnex

JULY 9, 2024

On portals you’ll also find information on other taxes, such as Washington’s B+O tax. 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.

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Sales Tax Colorado tax return 264

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.

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auditor audit Technology 134

Going Concern

JUNE 29, 2022

With the EY cheating scandal making headlines even outside of our precious little accountosphere we decided to take a look at the full SEC order to answer the question — how and why were EY auditors cheating on CPE exams? The long and short of it is, EY auditors trying to shortcut CPE took advantage of a software exploit.

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SMBAccountant

DECEMBER 16, 2020

More information regarding these programs can be found at sbir.gov/about. These different methods of accounting for R&D costs can be audit hot spots for both the government contracting and IRS auditors. These programs are offered by the government to encourage innovation with the potential for commercialization.

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Government accountant Account accounted 246

SMBAccountant

JULY 14, 2020

If the information entered into QuickBooks doesn’t accurately provide all the data needed to determine the timing, the accrual reports will not be accurate. The issue is that auditors don’t arrive only after the fiscal year has been closed. This is the simplest form as your books match your bank account.

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TaxConnex

OCTOBER 24, 2023

Still, many events can trigger an audit, such as one of your customers being audited and the auditor seeing one of your invoices without sales tax, industry audits where taxing authorities target specific industries, or perhaps just random bad luck. Organize your information. Guard what you say and what information you offer.

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audit Sales Tax auditor 147

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.

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auditor audit financial statements accountant 81

Going Concern

MARCH 31, 2023

auditors who believe their part of the firm could end up weakened by a deal. accountants and auditors last year climbed at their quickest pace in recent years, but industry observers say increasing pay alone may not be enough to remedy a national shortage of accountants. John King and Frank Mahoney, senior U.S.

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auditor audit Virginia Technology 105

TaxConnex

OCTOBER 26, 2021

You don’t want to accidentally give an auditor a wrong file or utilize old data in your returns. You should include sufficient information in file names to identify the data quickly. Date modified” is already often a standard information column in desktop folder panels.). Clarity is the first step toward consistency.

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Going Concern

APRIL 7, 2023

Big Four Auditors and Consultants Need Liability—And a Divorce [ Bloomberg Tax ] Part of the problem is the revolving door of personnel between the major accounting firms and the banks they purport to audit. and overseas” seeking further explanation about the auditor’s opinion. appeared first on Going Concern.

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Going Concern

JULY 31, 2023

Market concentration in the consultancy industry came to a head this year after it was revealed PwC partners had misused information by passing on confidential Federal Government information to clients, sparking the sale of its consulting business to Allegro Funds to $1. and Congressman Jason Smith, R-Mo.,

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auditor accountant Account accounted 98

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.

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audit Finance auditor Technology 143

ThomsonReuters

SEPTEMBER 3, 2024

Jump to: Adaptation to technology Perception of applicability AI’s impact on audit jobs and billing AI policy and regulation for audit firms Future of work Proactive steps for auditors Adaptation to technology The audit industry is at a crossroads with GenAI.

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auditor audit tax accountant Tax 72

Accounting Today

OCTOBER 23, 2024

Companies often face the tricky task of producing privileged and confidential information to their independent auditors for audit purposes.

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auditor audit 72

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.

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audit auditor Government 111

TaxConnex

FEBRUARY 6, 2024

It’s critical to maintain an accurate tax calendar that reflects where your business is registered for sales tax purposes, the filing frequency of each return, the e-file login credentials, and other state-specific information. Some of this mail may be informational but still critical.

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Sales Tax Technology auditor 264

SMBAccountant

NOVEMBER 4, 2020

DCAA auditors not only want to see that there is a policy in place, but there is continued effort to monitor the effectiveness through separation of duties and internal audits. Certifications such as ISO:9001, can signal to future buyers that your company is committed to continuous improvement.

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Government accountant Account accounted 246

TaxConnex

APRIL 4, 2023

One of your customers undergoing their own sales tax audit might unearth one of your invoices, resulting in the auditor possibly contacting you for a certificate of exemption or other documents. An audit of one of your suppliers could turn up one of your exemption certificates for something the auditor may think is taxable.

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audit Sales auditor Tax 130

CPA Practice

OCTOBER 17, 2024

State and local governments are being squeezed by a shortage of accounting professionals, making it difficult at times to find staff CPAs who can prepare critical financial information or outside firms to conduct audits. Evaluation of external auditors should consider CPA firm qualifications, not just proposed fees.

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cpas Government auditor accountant 119

TaxConnex

OCTOBER 5, 2023

You need to be prepared to provide such information as the date when you started conducting business in the state and complete contact information for your business and its owner(s). Again, each state has its own set of rules for which companies must file based on certain filing frequencies and methodologies.

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Sales Tax Missouri auditor 147

Airbase

JANUARY 31, 2023

The lead-up: Choosing auditors and timing. The audit probably took about 25% of my time personally — maybe even more once the auditors arrived.” What types of auditors are there, and how do you choose one? How do you decide what auditor to choose? KELLY: “The auditors will ask about processes and controls.

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audit auditor Spend Management Platform accounting and finance 130

CPA Practice

MAY 2, 2023

There is a brand-new section that debuted today in PCAOB inspection reports of audit firms, and it is devoted to auditor independence. “We These enhancements will provide relevant information that investors have asked for and support improvements in overall audit quality.”

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audit auditor financial statements 111

MyIRSRelief

JUNE 28, 2024

The FTB selects tax returns for audit based on various criteria, including discrepancies between state and federal tax returns, prior audit history, and information from third-party sources. The FTB requests specific documents and information to verify items on the tax return.

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audit California Tax tax return 130

Going Concern

FEBRUARY 3, 2023

From the report: The independent auditor for Adani Enterprises and Adani Total Gas is a tiny firm called Shah Dhandharia. Hindenburg backs up these claims with copies of the auditors’ IDs, Adani Group said publishing this information showed a “brazen disregard of personal privacy and safety.” Batliboi & Co.

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audit auditor accounting firms Government 124

Withum

DECEMBER 18, 2024

The dreaded request from your financial statement auditors for the year-end tax provision file and financial statement footnotes? Author: Karin Salmeri | ksalmeri@withum.com Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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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.

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auditor audit accountant Account 52

CPA Practice

FEBRUARY 23, 2024

Auditors are poised to become crucial facilitators in the accounting and finance function’s adoption of AI and large language models (LLMs). Auditors are the Keystone for AI Integration The successful integration of AI has one essential requirement—a nuanced understanding of the model’s data origins and its interpretations.

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audit auditor accounting and finance Technology 114

CPA Practice

OCTOBER 8, 2024

The 12th Annual Global Technology Audit Risks Survey by Protiviti and The Institute of Internal Auditors (IIA) highlights how AI is reshaping the perception of existing risks, with 59% of IT audit leaders identifying AI as a significant threat over the next two to three years.

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audit auditor Government Finance 136

MyIRSRelief

JANUARY 7, 2024

The auditor will request various documents, such as payroll records, bank statements, contracts, and other business records. Time-Consuming Process: Audits can be time-consuming, requiring you to gather extensive documentation and communicate with the auditor. This can distract you from running your business.

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audit payroll tax Tax auditor 130

TaxConnex

JANUARY 4, 2022

But what about the information in your actual return – do you understand how the data you input is projected onto what you file and remit? You can’t forget that someone needs to connect the dots on your sales tax return before you sign it and send it in – to do anything else invites an eventual visit from the auditor. File and pay.

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tax return Sales Tax Start-ups 242

Going Concern

APRIL 9, 2024

The paper “ Coaching Today’s Auditors: What Causes Reviewers to Adopt a More Developmental Approach? “[T]his study is the first to consider how reviewers contribute to the poor audit quality observed on some engagements involving international auditors,” wrote the researchers in the intro.

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TaxConnex

AUGUST 8, 2023

Review your records as an auditor would by looking for exemption certificates that align with exempt transactions. States’ exemption certificates also change frequently, and even “evergreen” ones should be updated at least every three to five years for the latest customer contact information.

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auditor audit Sales Tax 130

TaxConnex

MARCH 21, 2024

Auditors slapped Amazon with some $12.5 The much talked-about new Beneficial Ownership Information (BOI) requirement for millions of small companies under the U.S. It did, but the South Carolina Department of Revenue later audited Amazon and found that it had failed to adequately tax sales by third-party merchants. BOI oh boy.

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South Carolina Sales Tax Alabama 264

TaxConnex

DECEMBER 17, 2024

After that, start 2025 by establishing a system to monitor your obligations, including a calendar of where youre registered for sales tax purposes, the filing frequency of each return and other state-specific information, including tracking and handling notices from tax jurisdictions.

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