audit

A&A

Audits of Special Purpose Frameworks: Obtaining Substantive Evidence from Engagement Letters

Engagements letters should not be a routine procedure—here's how to take full advantage of them.
A&A

Audits of Special Purpose Frameworks: the Pre-engagement Planning Meeting

Shock and embarrassment are what happen when the in-charge accountant and engagement leader fail to communicate in advance.
A&A

Auditing Special Purpose Frameworks: Client Acceptance and Continuance Decision-Making

CPA firms must establish and document policies and procedures for the acceptance and continuance of clients and engagements.
A&A

KPMG Settles SEC Charges Over Violating Auditor Independence Rules

KPMG LLP has agreed to shell out $8.2 million to settle charges from the US Securities and Exchange Commission, which found that the Big Four firm violated auditor independence rules by providing certain nonaudit services, such as bookkeeping, to affiliates of companies whose books KPMG was auditing.
Tax

IRS Plans to Cut Back on Big Company Audits This Year

The IRS plans to spend 18 percent less time auditing businesses with assets of $10 million or more in its current fiscal year compared to two years ago, according to a report from Syracuse University's Transactional Records Access Clearinghouse (TRAC).
Tax

IRS 2011 Audit Rates Show Estate Tax Returns under the Microscope

The IRS scrutinized estate tax returns more than any category of individual tax returns in tax year 2011, at close to a 30 percent rate of examination, while individual income tax returns with $1 million or more in income saw a slight decline in audit coverage.