July 22, 2015
The Internal Revenue Service (IRS) is currently planning activities to address a recurring financial material weakness in its internal control over unpaid tax assessments. However, planning for the Customer Account Data Engine 2 (CADE 2) Transition State 2 (TS2) has not included specific actions and activities necessary to guide new system development efforts and to...…
July 11, 2015
More than 75 percent of audit committee members and financial statement preparers surveyed believe there are significant benefits to auditors utilizing advanced technologies.
July 6, 2015
Thomson Reuters has released the 2015 editions of its widely-used series of audit guides and related practice aids for multiple industries, including commercial entities, nonprofit organizations, local governments, and employee benefit plans.
July 1, 2015
The platform streamlines everything from preparing and post-dating letters for automated release, obtaining client approvals, tracking responses and receiving documented updates.
June 26, 2015
The new guide, available as an eBook and in print format, was written to assist CPAs in interpreting and applying SSARS No. 21, as well as to provide interpretative guidance and implementation strategies for all preparation, compilation and ...
June 8, 2015
The application of Lean Six Sigma principals has helped countless organizations objectively re-evaluate and streamline their production processes. Lean Six Sigma is a consulting methodology gaining favor in the accounting profession for its focus not ...
June 5, 2015
As if getting audited wasn’t bad enough, now the IRS has added a new twist: the short timeframe audit. With these types of audits, it is possible that an audit case could be closed by the IRS before your client has a chance to show you the letter. This ar
June 4, 2015
Accounting and advisory firm Baker Tilly Virchow Krause, LLP (Baker Tilly) has rearticulated the necessity of improving audit quality after a May 28th United States Department of Labor (DOL) report on its inspection of 2011 employee benefit plan audits.
May 27, 2015
The Center for Audit Quality (www.TheCAQ.org) has launched an online video series that aims to highlight critical issues facing the public company auditing profession and the markets.
May 14, 2015
The American Institute of CPAs (AICPA) has released a Six-Point Plan to Improve Audits that provides a roadmap for the profession’s continued journey to audit excellence. The plan concentrates on financial statement audits for private companies ...
April 23, 2015
The Illinois CPA Society has published a digital feature exploring the issue of audit quality, its impact on the CPA brand and profession in both the public and private sectors, and potential solutions to this high-profile problem.
April 15, 2015
Court nullifies $37,000 deduction for donations of used property to charities, then adds 20% penalty.