News & Analysis as of

NYS Cyber Crack Down Looms: What Every Financial Institution, Insurer and Their Board Must Know

With the public comment period closing in a few days, the New York Department of Financial Services (DFS) “first in the nation” cybersecurity regulation is one step closer to becoming law. The regulation – which covers a...more

Partnership Tax Audit Reform and Private Funds

The Bipartisan Budget Act of 2015 that was signed into law on November 2, 2015, made extensive changes to the rules that apply to partnership audits and the mechanics for collecting taxes resulting from an audit. These...more

In Case You Missed It - Interesting Items for Corporate Counsel - October 2016

After a one-month hiatus, we find ourselves with much to catch up on. Brace yourself. The SEC . . . - announced, that it no longer requires Tandy language, generally an acknowledgment in SEC comment...more

Maintaining Retirement Plan Documents after Revenue Procedure 2016-37

At the 2016 Joint Fall CLE Meeting on October 1, 2016, Andrew Liazos presented on “Maintaining Retirement Plan Documents after Revenue Procedure 2016-37.” As an employer sponsoring a retirement plan, you are required by...more

Audit Partner Violates Independence Rule in Way He Probably Never Expected

I’ve been thinking about these auditor independence cases since the administrative orders were issued a few weeks ago. They’re very interesting to me for a couple of reasons, but let’s start with the rules...more

Unclaimed Property Disputes Over State Priority Take Center Stage, Head to U.S. Supreme Court and the Third Circuit

Disputes over the unclaimed property priority rules continue to intensify. The U.S. Supreme Court accepted review of a clash involving more than 20 states regarding the right to take custody of official checks. ...more

Issuer Reporting and Disclosure Remains Focus of SEC and Other Regulators

In a recent speech, SEC Enforcement Director Andrew Ceresney confirmed the SEC’s continued pursuit of investigations and enforcement actions relating to issuer reporting and disclosure, an area that remains a high priority...more

Employer Claims Of Unprofitability And Competitive Disadvantage Enough To Trigger Audit Of Financials By Union, NLRB Majority...

The end of another NLRB fiscal year is upon us.  Today, September 30, marks the last date of the fiscal year.  We can expect to see a number of decisions issue from the Board, and many determinations made at the regional...more

Part 5 of Reviewing Third Party Vendor Service Contracts, a Seven Part Guide

This is part 5 of a Seven Part Guide to reviewing vendor contracts. Vendor Notice Requirements - Business - Strategic Changes. There are several categories of events the bank will want to be notified about. The...more

New Delaware Unclaimed Property Decision Further Complicates Landscape

Another federal judge slams Delaware’s unclaimed property audit methodology but rejects the holder’s reliance on the priority rules as a defense to the audit demands. See Marathon Petroleum Corp. et al. v. Cook et al., No....more

Recurring Issues in Accounting for Litigation Contingencies

Certain questions seem to recur when it comes to outside counsel’s communications with a company’s auditors about potential exposures as a result of litigation or regulatory/enforcement matters and the underlying accounting...more

Focus on Tax Controversy and Litigation - The Unprecedented Extraterritorialization of Tax Crimes

In addition to the discussion of the recently proposed U.K. criminal tax legislation, this month’s issue features articles regarding the Tenth Circuit Court decision in McNeill v. United States discussing a managing partner’s...more

Weekly Update Newsletter - September 2016 #2

GSAR Construction Contract Administration - The GSA has issued a proposed rule to revise GSAR part 536, Construction and Architect-Engineer Contracts, and related parts, to maintain consistency with the FAR and to...more

State Department Relaunches Company Visit Program to Assess ITAR Compliance

The Directorate of Defense Trade Controls (“DDTC”) within the State Department has relaunched its “Company Visit Program.” Under the Company Visit Program, DDTC officials come to your office to review your company’s...more

Obstruction of a Medicare Audit Doesn’t Require Direct Obstruction of a Federal Agent

A registered pharmacist, the owner of two Alabama pharmacies, pleaded guilty to obstructing a 2012 federal audit of Medicare claims and agreed to pay a $2.5 million penalty to the government. The submission of the false and...more

Audit Sampling in Forensic Accounting – Could Something be Missed?

Audit sampling techniques may permit errors or dishonesty to go undetected. Audit sampling occurs when a review of less than 100% of a population occurs. Determining how the size of a population is used in an audit sample is...more

I Know My Rollover is Late, but It’s Okay. Trust Me.

As retirement plan professionals know, certain distributions from plans and IRAs to taxpayers can be rolled over to another plan or IRA within 60 days. Of course, sometimes 60 days is just not enough and the IRS recognizes...more

Compensation and Benefits Insights – September 2016

New Guidance Affects Wellness Program Design - Over the last several months, the Equal Employment Opportunity Commission (“EEOC”) and the Internal Revenue Service (“IRS”) have provided additional guidance regarding the...more

Preparing for a Washington State Department of Revenue Audit

The Washington State Department of Revenue (“DOR”) is the enforcement agency for the state sales, business and occupation (“B&O”), and other excise taxes. The DOR conducts routine excise tax audits through its Audit...more

September 2016 UK Immigration Update

New developments include a number of Immigration Act provisions, changes to the recording of right-to-work checks, and early invitations to sponsor licence extension applications. Although the United Kingdom has voted in...more

Reports on Increase in Retirement Plan Audits Further Illustrate the Need for Plan Sponsors to Focus on Administrative Compliance

In Depth - Recent reports show that the number of retirement plan audits by government agencies is increasing. A survey released by Willis Towers Watson indicates that one in every three plan sponsors has experienced a...more

Unclaimed Property Advisory: Delaware Secretary of State Assesses Impact of Temple-Inland on VDA Program

On Friday, August 26, 2016, Delaware Secretary of State Jeffrey Bullock issued a statement to representatives of holders currently registered in the Delaware VDA program, with a direct opening message to recipients: In...more

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

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