Audits

News & Analysis as of

Office of Civil Rights Delays Phase 2 Audits

The Office of Civil RIghts (“OCR”) recently announced that Phase 2 of the HIPAA audits would be further delayed because the audit portals and project management tools that are needed to initiate the audit process are not...more

The Time is Now for Every Company to Conduct Culture Audits

Companies and CCOs are starting to get the message – the best and most effective control against code and legal violations is a culture of ethics and compliance. Those are high-minded ideals for high-level executives....more

Roadmap to Prison: Lessons Learned from the Criminal Prosecution of Alpha Ambulance’s Leaders

No one running an ambulance company ever planned to go to prison for doing his or her job. But that is a real possibility if the government knocks on the door, and the owner or manager is dishonest in his or her response to...more

US China Trade War–Developments in Trade, Trade Politics, Patents/IP, Antitrust and Securites

On January 11thth, I put up my last post stating that because of its length, I have broken up the post into two parts. This February post includes a Trade, Customs and IP update with longer sections on Antitrust and...more

HIPAA and “Meaningful Use” Audits: Issues to Consider and How to Prepare

As more and more providers adopt electronic health records (“EHRs”) systems (and with new regulations concerning their required use for purposes of Medicare billing for chronic care management, their popularity can only...more

IRS Scrutinizes Captive Insurance

Every year the IRS issues a list of tax scams pertinent to that filing season. This list is commonly referred to as the (“Dirty Dozen”). The Dirty Dozen warns taxpayers of illegal tax avoidance schemes that can lead to...more

Choosing the “Right” Income Tax Return Preparer

The IRS audits about one taxpayer in ten who reports more than $1 million in income. Many of these taxpayers are at the height of their careers and cannot endure even a whiff of scandal. They need peace of mind so they can...more

I Received a Notice from the IRS – Now What?

Don’t panic! You aren’t going to jail. However, you don’t want to ignore it. The issue will not go away on its own. A prompt response to the notice will save you a major headache later on....more

Third Party Audits: Biting the Bullet

The next compliance frontier in anti-corruption enforcement is third-party audits. We have spent the last few years fashioning third-party audit contractual provisions to define when and how such audits can be conducted. ...more

OCAHO Finds PEO Liable for Near Maximum I-9 Fines for False Employer Attestation Violations: Is Your Business Similarly Exposed?

On January 20, 2015, Judge Ellen Thomas, a federal administrative law judge (ALJ) with the Office of the Chief Administrative Hearing Officer (OCAHO), a division of the Executive Office of Immigration Review within the U.S....more

Preparing for Phase 2 HIPAA Audits: It’s All About the Documentation

The launch of Phase 2 HIPAA audits is imminent. Although any individual hospital has only a small chance of getting audited, preparation helps protect a hospital if it is ever investigated for potential HIPAA violations. In...more

Getting to Appeals In an Estate or Gift Tax Audit with Pending Information Requests

Ain’t gonna happen! So says the IRS in guidance released by the IRS, at least in most circumstances. In a memo to IRS estate and gift tax examination employees, the IRS advises...more

New York State releases cybersecurity report on insurance industry, will assess New York-regulated insurers’ cybersecurity

The New York Department of Financial Services has released its Report on Cyber Security in the Insurance Sector and announced it will begin conducting targeted cybersecurity assessments of New York-regulated insurance...more

This Week In Securities Litigation

The Commission resolved its actions against the PRC based affiliates of five major accounting firms for failure to produce audit work papers. The settlement contains a series of procedures designed to facilitate production in...more

OIG Responds to Hospital Compliance Review Objections

The OIG has defended its hospital compliance review policies in response to objections raised by the American Hospital Association (AHA). Specifically, a January 15, 2015 OIG letter addresses four main areas of AHA concern...more

Delaware Enacts Unclaimed Property Legislation That Addresses Some (But Not All) Holder Concerns

The Delaware Legislature appears to have heard some of the complaints of the unclaimed property community. Delaware Governor Jack Markell signed Senate Bill 11, which is based on the recommendations of the Delaware Task Force...more

New York Department of Financial Services Releases Report on Cybersecurity in the Insurance Industry; announces new targeted...

On February 8, 2015, the New York Department of Financial Services released its Report on Cyber Security in the Insurance Sector, and announced that it will begin conducting targeted cybersecurity assessments of New...more

COSO and Internal Controls – Part V

This post concludes my exploration of internal controls and how companies can demonstrate compliance with the internal controls requirement under the Foreign Corrupt Practices Act (FCPA) by adhering to the Committee of...more

SEC – PRC Based Audit Firms Reach A Settlement

The SEC and the PRC based affiliates of five major accounting firms entered into a settlement of proceedings initiated over the failure to produce audit work papers for issuers with substantial operations in China. The...more

Cash Based Business? Have Good Books and Records

What happens when a taxpayer operates a cash based business and lacks adequate books and records according to the IRS? The IRS can use any reasonable method to reconstruct the taxpayers income and expenses. (See, Estate of...more

133,000 Misclassified Workers Detected in New York in the Course of 12,000 Audits and Investigations in 2014, According to the...

On February 1, 2015, the Joint Enforcement Task Force on Employee Misclassification issued its Annual Report. The Report noted that the New York Task Force members in 2014 conducted over 12,000 audits and investigations,...more

SEC Announces Settlement With “Big Four” China Accounting Firms Over Production of Documents Located in China

Today, the Securities and Exchange Commission (“SEC” or “Commission”) announced the terms of a settlement with four of the Respondents in In the Matter of BDO China Dhaua CPA Co., Ltd. The four Respondents are the China...more

Medicare Hospital Compliance Reviews are Legal and Sound, According to OIG

The Office of Inspector General for the Department of Health and Human Services (OIG) recently defended its practices pertaining to hospital compliance reviews in a published response to a letter from the American Hospital...more

New Year – Consider a Trademark Audit

A trademark is an intangible asset of the company that, like most assets, should be audited periodically. Ideally, a trademark audit examines and evaluates the strengths, weaknesses, and relative value of a company's...more

"Recent Regulatory and FASB Actions Impacting Auditors"

In one of several recent actions impacting auditors, the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) have devoted heightened attention to related-party transactions,...more

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