While conceding that the Internal Revenue Service has made significant progress in improving internal controls and financial management since its initial financial audit in 1992, it still needs to close some 75 recommendations from prior audits according to the Government Accountability Office. The auditor general said the IRS has resolved myriad internal controls weaknesses by closing over 200 of the GAO's recommendations over the past seven years, but since its 2006 audit, the GAO has identified 28 more, bringing the total to 75. The categories cited by the GAO for recommendations include: Safeguarding of assets and security activities; proper recording and documenting of transactions; and effective management review and oversight. The report can be accessed at www.gao.gov.
-
Farming it out; short circuited; California dreamin'; and other highlights of recent tax cases.
March 28 -
The Public Company Accounting Oversight Board sanctioned PricewaterhouseCoopers' member firms in the U.S. and Australia over auditing quality control violations, imposing a $2.75 million and $600,000 penalty.
March 28 -
Experts share what young accountants should look for in a firm and how to approach their careers.
March 28 -
The ERP software provider is expanding its generative AI-driven feature to over 200 new places.
March 28 -
The campaign is part of a larger effort by the IRS to increase its scrutiny of high-income taxpayers and large businesses to help close the tax gap.
March 28 -
The Top 25 Firm is adding a tax, assurance, advisory and real estate consulting firm in Birmingham, Alabama.
March 28