On November 16, 2022, the IRS released a long-awaited update to the procedure for large corporate taxpayers and large partnerships under continuous audit to obtain Qualified Amended Return (QAR) ...
The Public Company Accounting Oversight Board has released a new alert from the PCAOB staff warning auditors about deficiencies that have been seen in audits of revenue figures. Processing Content The ...
The corporation said the problems stemmed entirely from an outside accounting firm it employed from 2017 to mid-2025.
An analytical review in accounting is used by auditors to assess the reasonableness of account balances. Examples of analytical reviews of financial statements broadly include vertical and horizontal ...
The suspension of audit and field operations following the issuance of Revenue Memorandum Circular (RMC) No. 1072025 on Nov. 24 marked a deliberate pause in the Bureau of Internal Revenue’s (BIR) ...
The South Carolina Department of Revenue (SCDOR or DOR) recently issued a draft of long-awaiting guidance overhauling DOR’s administrative practices concerning disputed tax audits, refunds, license ...
Audit procedures refer to the steps undertaken by an auditor to achieve the specific objectives of an audit when conducting the fieldwork phase of the audit. These objectives include ensuring the ...
FASB’s new revenue recognition standard, FASB ASC Topic 606, Revenue From Contracts With Customers, is one of the most significant changes ever in U.S. GAAP. The new, principles-based standard ...
The introduction of Statement on Auditing Standards (SAS) No. 145, "Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement" (SAS 145) last December marked a ...
The Bureau of Internal Revenue (BIR) has enforced changes in audit procedures as a priority in its “sweeping reform drive,” ...
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