Audit

The IRS has the expertise to enforce President Joe Biden’s proposal to tax the unrealized gains of mega-millionaires and billionaires, Senator Elizabeth Warren contended in the face of criticism over the workability of a proposal she strongly supports.

The International Auditing and Assurance Standards Board released a revised standard Thursday to focus on the special considerations that apply to audits of group financial statements.

The board levied a $100,000 fine against Scott Marcello, in its largest monetary penalty ever in a settled case against an individual.

The revised draft rules deleted the requirement that on-site inspections should be mainly conducted by Chinese regulatory agencies or rely on their inspection results.

The audit is going to undergo massive changes over the next decade — and so will those who conduct them.

Board staff called attention to some important considerations for auditors as they plan and perform audits that may be affected by the ongoing war in Ukraine.

Chinese authorities are preparing to give U.S. regulators full access to auditing reports of the majority of the 200-plus companies listed in New York as soon as the middle of this year.

Experts in auditing imagine the ways this core service of the profession will be radically different in a decade.

For now, it’s technology, but soon it will be more about demand from markets — and society as a whole.

Gary Gensler signaled that only total compliance with U.S. audit inspections will allow the companies to keep trading on American markets.