Audit

Ruben Cardona is one of the best accountants I know. One day Ruben came up with his A.U.D.I.T acronym for the five steps of the audit process.

The $1.3 trillion omnibus appropriations bill passed by Congress last week includes some modifications to the Internal Revenue Service’s centralized audit regime for auditing large partnerships.

The American Institute of CPAs has released a set of questions and answers on the topic of compliance for multiemployer plans, along with some new Q&As for senior personnel who have been on an engagement team for a long period of time.

Typically, taxpayers contract this affliction after the agency's examiners have packed up their belongings and left the building.

The high court, in a 7 to 2 decision, ruled in favor of a business owner who didn't file taxes and destroyed some of his banking records, finding the omnibus obstruction clause in the Tax Code was overly broad.

The Supreme Court declined to hear a case involving a Colorado cannabis business that refused to cooperate with an Internal Revenue Service audit and turn over business records.

Institute of Internal Auditors president and CEO Richard Chambers talks about how audit executives need to be more agile and overcome complacency at their organizations by using technology such as data analytics and artificial intelligence.

The Center for Audit Quailty has released a new publication offering considerations for audit committee members to help with oversight of non-GAAP measures.

The American Institute of CPAs’ Auditing Standards Board has issued an auditing interpretation to help accountants comply with standards from both the AICPA and the Public Company Accounting Oversight Board.

The Institute of Internal Auditors and Grant Thornton have published a new book on using data analytics within the internal audit function.

Recent changes to international standards for audit reports have improved the quality of information that’s available to investors, and had a positive impact on wider elements of financial reporting, including governance and corporate reporting, according to a new report from the Association of Chartered Certified Accountants.

Audits aren’t the only ways the service can put them on the spot, the tax prep chain warns.

Foreign affiliates of KPMG, Deloitte & Touche and BDO have agreed to settle charges with the Securities and Exchange Commission for getting involved in audit work that circumvented the Public Company Accounting Oversight Board’s full oversight.

The International Forum of Independent Audit Regulators reported on issues with how firms are scrutinizing accounting estimates, testing internal controls, checking revenue recognition and more.

Internal auditors are getting more involved in technology initiatives like cybersecurity and data analytics, according to several new reports.

Auditors can upload scanned documents directly into client engagements.

When auditors push non-attest services, their clients’ financials tend to contain more errors, according to new research.

The audit of the future

The Big Four firm agreed to resolve potential liabilities related to its work for a failed mortgage lender.

Steinhoff International Holdings NV said a review by auditors at PwC into its accounts is focused on certain off-balance-sheet structures and deals with related parties and is likely to find that some assets, revenue and profit figures have been overstated.