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Best Practices for Managing a Sales Tax Audit

TaxConnex

The Sales Tax Institute reports that Maine, Illinois, California, Massachusetts, Wisconsin and Washington have been the most aggressive states in sending notices and audit requests. Auditors know that competitors tend to have similar business models and that some industries are more susceptible than others to tax deficiencies.

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Evolution of the Sales Tax Audit: Have Audits Changed with Economic Nexus?

TaxConnex

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.

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Friday Footnotes: Crippling Staff Shortages in Consulting; Hold Auditors Accountable; AICPA is Mad | 8.12.22

Going Concern

Hold Auditors Accountable for Complicity in Corporate Fraud [ Bloomberg Tax ] Unfortunately, since the fall of Arthur Anderson in the wake of the Enron scandal, the SEC and PCAOB have often failed to go after auditors playing fast and loose with the rules. Here’s how recruiters and career experts recommend that you proceed.

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What’s new in sales tax?

TaxConnex

Auditors slapped Amazon with some $12.5 The Foundation found that the five states with the highest average combined state and local sales tax rates are Louisiana (9.56%), Tennessee (9.55%), Arkansas (9.45%), Washington (9.38%) and Alabama (9.29%). million in taxes, penalties and interest for the first three months of 2016.

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Monday Morning Accounting News Brief: ‘Auditors Are Not Lawyers’; Big 4 Break Up? | 7.31.23

Going Concern

The PCAOB’s new rules would widen auditors’ responsibility to scrutinise whether a company is complying with laws and regulations, and to communicate more of their concerns to a company’s board of directors. The post Monday Morning Accounting News Brief: ‘Auditors Are Not Lawyers’; Big 4 Break Up?

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Workiva Adds New Global Internal Audit Standards to Audit Management Platform

CPA Practice

Notable changes to the Standards include new guidance on critical areas like cybersecurity and sustainability and a more flexible framework adaptable for auditors around the world. Though the new Standards become effective in January 2025, internal auditors are encouraged to begin planning their adoption now. “On Workiva Inc.,

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AuditBoard Launches New Capabilities to Streamline Conformance With New IIA Global Standards

CPA Practice

AuditBoard , a cloud-based platform transforming audit, risk, compliance, and ESG management, has launched new of out-of-the-box, self-assessment tools that enable internal auditors to easily assess and streamline conformance with the new Institute of Internal Auditors (IIA) Global Internal Audit Standards that go into effect January 9th, 2025.

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