News & Analysis as of

Audits

6 Ways to Achieve Compliance without an Audit

by Hinshaw & Culbertson LLP on

No doubt there is a need for compliance audits. I do them. You do them. Almost every regulatory & compliance lawyer and consulting company that exists does them. In fact, some state and federal laws mandate that you do a...more

Audit Chances

by Pessin Katz Law, P.A. on

As in the past, PK Law reports on the Internal Revenue Service’s (“IRS”) data book (IR 2017-69) regarding a taxpayer’s chances of undergoing an audit. The annual data book reflects data collected during the fiscal year 2016...more

IRS Targets Globally-Mobile Individuals and Businesses: The Importance of Proactive Planning

IRS targets globally-mobile individuals and businesses through its Global High Wealth Industry Group and its Large Business and International Division. Targeted taxpayers find these audits distracting, taking time from...more

Focus on Tax Strategies & Developments - April 2017

by McDermott Will & Emery on

Impact of Country-By-Country Reporting on Multinational Enterprises - Perhaps the most challenging component of the Base Erosion and Profit Shifting (BEPS) initiative adopted by the OECD and G20 countries, Action 13...more

OIG to Audit FAA Drone Waiver Processes

The Office of the Inspector General (OIG) of the U.S. Department of Transportation (DOT) has announced an audit of the Federal Aviation Administration’s (FAA) “approval and oversight processes” for Part 107 waivers for...more

News Round Up - April 2017

by Morrison & Foerster LLP on

Momentum Builds in the U.S. IPO Market - Renaissance Capital reported a strong start to the year in its U.S. IPO Market 1Q 2017 Quarterly Review. The first quarter of 2017 saw 25 IPOs, which raised $9.9 billion, a jump...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Late last week, financial services company Raymond James agreed to resolve allegations of conspiring with the owner of several VT ski resorts (and others) in a Ponzi scheme targeting foreign investors through the EB-5...more

Medicare Two-Midnight Rule and Observation Status Updates

by Baker Ober Health Law on

What's new from Medicare in the areas of the Two-Midnight rule and observation services? CMS recently published updates to a Medicare manual reflecting clarifications to its Two-Midnight policy, a Medicare Quality Improvement...more

Should You Convert Your Delaware Unclaimed Property Audit to a VDA?

by Reed Smith on

The Delaware Secretary of State recently issued a statement to businesses encouraging them to convert their unclaimed property audits to voluntary disclosure agreements (“VDAs”). However, the position presented by the State...more

Partners Beware: New Audit Rules May Have a Big Impact on Your Bottom Line. Here’s What You Need to Know and How to Protect...

by Butler Snow LLP on

The arcane rules surrounding partnership audits rarely, if ever, come up, and most people don’t even know that they exist. What once was a set of rules confined to the dark recesses of the Internal Revenue Code are now...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Accounting giant KPMG has terminated six employees—including the head of its US audit practice—after learning that they were given “improper warnings” ahead of planned audit inspections by the Public Company Accounting...more

DOL Health & Welfare Plan Audit Response and Protection: Reducing Risk Exposure to Avoid Costly Penalties

by McDermott Will & Emery on

In a recent presentation, McDermott attorneys discussed how to prepare responses for a Department of Labor (DOL) investigative audit of a company’s health and welfare plan, including required documentation and procedures, DOL...more

N.Y.’s New Cybersecurity Regulations: What Financial Services Companies Need to Know

With corporate data security breaches on the rise, the New York State Department of Financial Services (NYDFS) has adopted rules requiring financial institutions to take certain measures to safeguard their data and inform...more

Delaware Re-Ups on Controversial Estimation Method for Unclaimed Property Audits

Delaware and its third-party auditors intend to continue using the same controversial estimation techniques in unclaimed property audits, as described in newly proposed regulations, even after a federal court found a...more

The Three Lines of Compliance Offense Versus The Three Lines of Compliance Defense

by Michael Volkov on

People crave simple solutions to complex problems. No, this is not a political statement, nor do I intend to wade into politics. This statement applies across the board – to business, compliance, government, and other...more

New Trademark Office Audit May Result in Cancellation of Registrations

The United States Patent and Trademark Office (“USPTO”) announced a final rule that took effect on February 17, 2017. To assess and promote the accuracy and integrity of the trademark register, the USPTO amended rules...more

IRS to Begin New Procedure for Initiating Tax-Exempt Bond Audits

by Bracewell LLP on

In late 2016, the IRS Tax-Exempt and Government Entities Division (“TE/GE”) released a memorandum to its examiners outlining a new procedure for initiating audits of tax-exempt bonds. The Commissioner of TE/GE recently noted...more

Use It or Lose It: USPTO to Conduct Post-Registration Trademark Use Audits

by Jones Day on

Trademark owners take note: Affidavits to renew your U.S. trademark registrations may be getting a closer look. On March 21, 2017, the United States Patent and Trademark Office ("USPTO") implemented a new rule aimed at...more

BRN Sunset Report Criticizes Enforcement Process, Treatment of Nurse-Midwives

by Nossaman LLP on

The California Board of Registered Nursing (BRN) received a negative evaluation of its enforcement program in the most recent sunset review. The sunset review included a performance audit by the California State Auditor due...more

USPTO launches new proof of use audit program

by Thompson Coburn LLP on

The United States Patent and Trademark Office (USPTO) has launched a new program that will require some trademark owners to submit more “specimens” (i.e., proof of use) and information than was required in the past. As a...more

It’s OFCCP Audit Time! Six Questions Contractors Should Ask Themselves

Starting February 17, the Office of Federal Contract Compliance Programs began mailing Corporate Scheduling Announcement Letters to approximately 800 contractor establishments. CSALs are notices sent to contractors advising...more

Audit Letters Are In The Mail

by Jackson Lewis P.C. on

As an update to last month’s report that OFCCP has put 800 establishments on notice of upcoming audits, we have learned that as of Friday, March 17, 2017, OFCCP has started sending out letters initiating audits....more

Alert: Trademark Owners Beware: The U.S. Trademark Office Has A New Audit Program

by Pullman & Comley, LLC on

If your company has trademarks that are registered with the U.S. Patent and Trademark Office (PTO), a new audit program can put your registrations at risk if you are not careful....more

Germany: Termination for Breach of US Regulatory Rules Not Permissible, European Labour & Employment Update

by Jones Day on

The New York State Department of Financial Services ("NYDFS") required Commerzbank to terminate the employment of a Germany-based employee on the basis that he played "a central role" in the breaching of US sanctions...more

Saudi Arabia Approves New Corporate Governance Regulations

by Dechert LLP on

The publication of the Regulations is driven by the continued effort to attract additional foreign investment into the Kingdom and to harmonize the CMA’s own rules with those of the newly revised Companies Law2, as overseen...more

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Cybersecurity

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