Audits

News & Analysis as of

Blog: New study examines benefits of enhanced audit report in the UK

In light of the closing of the comment period for the PCAOB reproposal of an expanded audit report standard (see this PubCo post and this PubCo post), including a requirement to disclose critical audit matters, it may be...more

Romanian tax authorities go public on the first VAT fixed establishment assessment in the pharmaceutical industry

The Romanian tax authorities just issued a press release regarding an audit performed on the activity carried out by the local subsidiary of a multinational pharmaceutical group. The Romanian authorities claim that this...more

Blog: Comments On PCAOB Reproposal Of Expanded Audit Report Reflect Predictable Split

In May of this year, after five years of outreach, the PCAOB once again attempted to make the auditor’s report more relevant and informative to investors by reproposing the auditor reporting standard, The Auditor’s Report on...more

CBP’s Informed Compliance Letters Notify Importers That an Audit or Enforcement Action May Follow

U.S. Customs and Border Protection (CBP) recently issued letters to major U.S. importers that encourage the recipients to review their recent trade data and CBP’s Informed Compliance Publications (ICPs), and remind them of...more

Federal Court Decision Warns Delaware: Be Prepared to Defend Audit Practices in Court

The United States District Court for the District of Delaware dismissed a lawsuit against the Delaware State Escheator, Abandoned Property Audit Manager, and the Secretary of Finance, and Kelmar Associates, LLC, but it came...more

CFTC Proposal to Amend CPO Reporting Rules

The Commodity Futures Trading Commission (“CFTC”) on August 5, 2016, issued a proposal to amend its rules governing commodity pool annual reports, which, if adopted, would permit commodity pool operators (“CPOs”) of a pool...more

EU Guidelines on Communications Between National Regulators and Auditors

The European Banking Authority published final Guidelines on communication between national regulators supervising banks and the statutory auditors and audit firms carrying out the statutory audit of banks...more

Opting-In: Treasury Regulations Provide Rules for Electing into the New Partnership Audit Regime Early

As reported in a prior Sutherland Legal Alert, the Bipartisan Budget Act of 2015 (the 2015 Budget Act) makes significant changes to the procedural rules governing federal income tax audits and judicial proceedings that apply...more

CMS Audit Practices: How false can you get?

Caring Hearts Personal Home Care Services provided physical therapy and skilled nursing services to homebound Medicare patients. During an audit, CMS determined that Caring Hearts provided services to patients who didn’t...more

How, When and Where a Partnership Can Elect into the New Partnership Audit Regime

On August 4, 2016, the IRS published a temporary regulation for partnerships wanting to elect into the new partnership audit procedural rules that were enacted in the Bipartisan Budget Act of 2015 on November 2, 2015. Treas....more

Settlement Reached in Temple-Inland; Delaware Internally Reviewing Unclaimed Property Audit Practices

The court case challenging Delaware’s unclaimed property audit methodologies has settled following an opinion brutalizing Delaware’s position. This settlement leaves the US District Court for the District of Delaware...more

Ten Things You Should Know About the 2016 Uniform Unclaimed Property Act

The 2016 Uniform Unclaimed Property Act (2016 Act) was adopted unanimously by the Uniform Law Commission (ULC) in a 49-0 vote at its 2016 summer meeting. The adoption of the revised model law is a significant step forward for...more

IRS Issues Guidance to Partnerships Opting-In to New Partnership Audit Regime

The Internal Revenue Service (IRS) issued temporary regulations on August 4, 2016, providing the time, form and manner for partnerships to elect to apply the new partnership audit regime enacted by the Bipartisan Budget Act...more

IRS Issues Guidance to Partnerships Opting-In to New Partnership Audit Regime

The Internal Revenue Service (IRS) issued temporary regulations on August 4, 2016, providing the time, form and manner for partnerships to elect to apply the new partnership audit regime enacted by the Bipartisan Budget Act...more

New Regulations for Partnerships Electing into New Partnership Audit Rules Early

New partnership audit rules enacted into law on November 2, 2015 (the “New Partnership Audit Rules”) generally call for all determinations of adjustments to income and payments of tax pursuant to a partnership tax audit,...more

Blog: Consultants Report On Conflict Minerals Due Diligence And Disclosure For 2015. But Has It Made A Difference For The DRC?

Two consulting firms, Assent Compliance and Source Intelligence, have published their studies on conflict minerals (tin, tantalum, tungsten and gold) reporting for 2015, the third year of required SEC reporting. For 2015,...more

Tokyo Dispute Resolution and Crisis Management Newsletter - July 2016

FCPA Best Practices - The Risks Posed by Third Parties and the Importance of Third-Party Audits - Introduction - Since 2010, the United States government has extracted just shy of $5 billion in corporate...more

DOJ Hikes Fines for Immigration Related Violations

Despite the numerous Immigration and Customs Enforcement (ICE) headlines, the last two years have brought a significant decrease in workplace audits: 3.127 audits in 2013 to 435 audits in 2015. Similarly, the fines during...more

This Week In Securities Litigation

The Commission settled another FCPA action centered on the efforts of a Chilean airline to resolve its labor issues. The agency also filed four offering fraud actions: one based on an internet fraud; a second centered on the...more

The SEC Audit Trail – Several Industry Groups See Problems as Currently Proposed

Last week, several securities industry groups filed critical responses to the SEC’s plan for an audit trail. While most groups that commented on the SEC’s proposed regulation supported implementing the proposal, several had...more

Healthcare Newsletter: Volume 6, Number 1

Recent Developments in Mental Health Benefit Denials - The Mental Health Parity and Addiction Equity Act (Parity Act) requires health plans to provide the same coverage for mental health conditions as they provide for...more

Manatt on Health Reform: Weekly Highlights - July 2016 #3

Massachusetts’s Marketplace eliminates cost-sharing for addiction treatment in subsidized QHPs; Montana cuts its uninsurance rate in half; and a Kaiser report identifies the 50 most costly drugs for Medicaid....more

Immigration Compliance Alert: Increase in Fines for Immigration Related Violations Take Effect on August 1, 2016

Up until 2008, Immigration and Customs Enforcement (ICE) focused its enforcement efforts almost exclusively on undocumented workers. For instance, ICE made 6,000 workforce enforcement strategy-related arrests in 2008; only...more

The Financial Report, Volume 5, Number 13

On June 23, just hours after we published our last edition, the United Kingdom voted to exit the European Union. Brexit, as it has come to be known, immediately raised a number of issues of potentially enormous significance...more

The Case for a Comprehensive 360° IP Strategy: Step 1 - Assessment

This article is the first entry in a multi-part series on the critical need for businesses to extract total value from their IP assets by developing and applying a comprehensive, consistent and efficient IP strategy. An...more

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