Riverwoods, Ill. (July 23, 2002) -- When a state audits a company's sales and use taxes, the stakes can be high and missteps can be costly. When the state auditor wants to use statistical sampling in an audit, everyone involved must take special care to avoid statistical pitfalls that can lead to incorrect assessments, according to tax and business information provider CCH Inc."Statistical sampling is replacing block sampling, in which an audit would look at every transaction in a given time period. This makes it imperative for business taxpayers and government agencies alike to have a sound understanding of the statistical, accounting, legal and information systems issues involved in this technique," said John Logan, J.D., senior tax analyst for CCH.
To ensure that statistical sampling is applied correctly, CCH has published Statistical Sampling in Sales and Use Tax Audits, by Will Yancey, CPA, Ph.D. The purpose of the book is to give taxpayers an understanding of the audit process and help them make decisions that will lead to a positive outcome.
The book is available at the CCH Online Store at onlinestore.cch.com.
-- Electronic Accountant Newswire staff
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