SSARS Update

Coming soon: Guidance on prospective financial information In a single exposure draft, the Accounting and Review Services Committee (ARSC) of the American Institute of Certified Public Accountants (AICPA) issued three proposed Statements on Standards for Accounting...

Business Briefs: Yes, a benefits plan audit could happen to you

  Many business owners worry about an income tax audit. But, if you sponsor an employee benefits plan, the IRS could audit it as well. Here are some common questions that plan administrators and sponsors might ask about plan audits. Where’s the bull’s-eye? The...

Standards Update: Auditing the use of estimates and specialists

Business transactions have grown more complicated in recent years, leading companies to make a significant number of subjective estimates and rely more heavily on outside parties to bring in specialized knowledge. For more than a decade, the Public Company Accounting...

IRS Issues Audit Tips on Adjustments Made in Transfer Pricing Deals

In a new International Practice Unit (IPU), the IRS provides audit tips to its examiners on a taxpayer’s affirmative use of Internal Revenue Code Section 482, “Allocation of Income and Deductions.” That section of tax law gives the IRS the authority to make...

Are you prepared for the new revenue recognition rules?

This May marks the second anniversary of the publication of the landmark revenue recognition standard. But U.S. companies and their auditors have a lot of work to do before it goes into effect. Here’s an overview of what’s happened over the last two years — and the...

Having Internal Controls Isn’t Enough

In an effective system of internal controls, the COSO model sets forth five key components that function together to strengthen an organization’s ability to achieve its objectives and mission: the control environment, the risk assessment process, information and...