Audits

Process and Form of Filing Annual Qualifying Statement Revised

by Harold Bulger Jr., Thomas D. Colis, Christopher Dembowski, Steven Frank, Steven Mann, David P. Massaron, Patrick F. McGow, Amanda Van Dusen | Miller Canfield on 5/23/2013

Earlier this month, the Michigan Department of Treasury issued Bulletin 6 implementing revisions to the application form and method of filing for the annual Qualifying Statement. The Revised Municipal Finance Act, Public Act...more

Conducting Audits: Financial And Compliance Teams

by Michael Volkov on 5/23/2013

Companies with existing compliance programs are starting to focus on the importance of monitoring, auditing and improving their compliance programs....more

Legal Alert: MTC Explores Transfer Pricing Audits, Shelves Pass-Through Entity Project

by Sutherland Asbill & Brennan LLP on 5/13/2013

On Thursday, May 9, the Multistate Tax Commission (MTC) hosted an Executive Committee (Committee) meeting in Washington, D.C. The Committee discussed many items ranging from election of new officers to Committee updates to...more

PCAOB, Auditors And Executive Compensation

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 5/9/2013

The Public Company Accounting Oversight Board, or PCAOB, has reproposed a new auditing standard, Related Parties, and certain other amendments to its standards. Overall, the reproposal is directed at detecting material...more

Illinois Tax Developments - A Reed Smith Quarterly Update (1st Quarter 2013)

by Adam P. Beckerink, Denise Obrochta, Jennifer C. Waryjas, Michael Wynne | Reed Smith on 5/8/2013

Welcome to the first of a new series of quarterly updates from Reed Smith on state tax developments in Illinois. Every three months we will be giving you updates on the key cases and administrative releases, as well as...more

The Three Amigos/Amigas: Compliance, Audit And Legal

by Michael Volkov on 5/7/2013

Every compliance program depends on collaboration. No one actor at a company determines the success or failure of a corporate compliance program....more

Rich v. Chong, C.A. No. 7616-VCG (Del. Ch. Apr. 25, 2013) (Glasscock, V.C.)

by Potter Anderson & Corroon LLP on 5/7/2013

In this opinion, the Court of Chancery denied a motion to dismiss a derivative action brought by a stockholder of Fuqi International, Inc. because the plaintiff pled facts that raised a reasonable doubt that the Fuqi board...more

Focus - Spring 2013

by Ronald Barriere, Anatoly Darov, Dennis Kelly | Burns & Levinson LLP on 5/6/2013

In This Issue: - IRS Audits: Understanding Criminal Rights and Risks - Amazing Clients®: Ravago: A Big Company with a Low Profile - When is a Mom not a Mom?: De Facto Parenting in Massachusetts - Can the...more

IRS Goes Back 41 Years To Assess Gift Tax

by Charles (Chuck) Rubin on 5/6/2013

If a taxpayer does not file a tax return, the statute of limitations for most federal taxes never commences. Thus, in theory, the IRS can go back as many years it wants to such an “open” year to audit and assess tax....more

Self-Audit Results Found Sufficient to Sustain False Claims Act Complaint

by Robert Mazer | Ober|Kaler on 5/2/2013

District Court Finds That Medical Group’s Failure to Further Investigate Audit Results May Violate Requirement to Return Overpayments - Background - Internal audits of third-party payment claims – frequently...more

Sales Of Condominium Units Under Audit By Canada Revenue Agency

by Ken Whitelaw | Dentons on 5/2/2013

A Canada Revenue Agency (“CRA”) audit initiative is targeting taxpayers who have recently sold condominium units they did not occupy or occupied for only a short period of time (the “CRA Condo Project”)....more

Wage and Hour Compliance Checklist - How to avoid class actions and prepare for a government audit

by D. Michael Reilly | Lane Powell PC - Labor & Employment Law on 5/2/2013

Will Rogers once said, “Everything is funny as long as it is happening to somebody else.” Employee wage and hour class actions and government audits are never funny. Just ask the president of a sheetrock company sentenced in...more

BRG GovCon Research Report - January - March 2013

by Ryan Byrd, Kelly Lynch, Sajeev Malaveetil, Mary Karen Wills | Berkeley Research Group, LLC on 5/1/2013

In This Issue: - GSA and VA Schedule Matters - Office of Inspector General Reports - Pertinent Government Accountability Office (GAO) Audit Reports - OMB Proposed Guidance - Key Federal Acquisition...more

European Parliament Committee Scales Back Accountancy Reform

by Orrick - Structured Finance Group on 4/30/2013

On April 25, the legal affairs committee of the European Parliament toned down plans to reform the European auditing market in a move which will provide some relief to the “Big Four” auditors who would have been most...more

Earth Matters - April 2013: Cancelling EPA’s Self Audit Policy Program?

by Patrick Fitzgerald | Phillips Lytle LLP on 4/29/2013

Last Spring, the Office of Enforcement and Compliance Assurance (OECA) released its Fiscal Year 2013 National Program Manager Guidance (“FY 2013 Guidance”), which sets forth, among other things, the methods that the United...more

Anti-Corruption High-Risk Audits

by Michael Volkov on 4/29/2013

The Justice Department and the SEC should be credited with promoting new compliance strategies and best practices. Whatever you may think about the DOJ/SEC FCPA enforcement program, they have pushed businesses to enhance...more

Compensation and Unrelated Business Income are Focus of IRS Colleges and Universities Report

by Ropes & Gray LLP on 4/29/2013

Just a few weeks before many tax-exempt organizations file their annual Form 990, the IRS yesterday released its final report on the Colleges and Universities Compliance Project, which it had initiated in 2008 by sending...more

PCAOB Issues Its First Cooperation Policy Statement

by Jim Meyers | Orrick - Securities Litigation and Regulatory... on 4/26/2013

On April 24, 2013, the Public Company Accounting Oversight Board issued its inaugural “Policy Statement Regarding Credit for Extraordinary Cooperation in Connection with Board Investigations.” The Policy Statement reiterates...more

IRS Pressures Build: Budgetary Constraints, the Aging IRS Workforce and Changes in IRS Focus

by Thomas Cullinan, Joseph DePew, John Lanier, Mary Monahan, Daniel Schlueter | Sutherland Asbill & Brennan LLP on 4/25/2013

On April 10, 2013, President Obama released his proposed Fiscal Year 2014 Budget of the U.S. Government. The budget calls for an increase in funding for the Internal Revenue Service (“IRS”), which has faced budget cuts in...more

Department Of Labor To Increase Frequency Of FMLA On-Site Investigations

by Jeff Nowak | Franczek Radelet P.C. on 4/25/2013

For employers who have been involved in an FMLA investigation conducted by the U.S. Department of Labor, the process can be a bit of a head-scratcher because no two investigations look the same....more

340B Drug Pricing Program: Recent Developments

by Elizabeth Elson, Anil Shankar | Foley & Lardner LLP on 4/19/2013

The 340B Drug Pricing Program (340B Program) continues to undergo a period of intense scrutiny and debate over how compliance with program rules is enforced. As previously reported in the May 30, 2012 edition of Foley’s Legal...more

Earth Matters - April 2013

by Kimberly Barnashuk, Jennifer Dougherty, Patrick Fitzgerald, Morgan Graham, Kevin Hogan, Susan Marriott, Donald Ross, Adam Walters | Phillips Lytle LLP on 4/19/2013

In This Issue: - Making Solar Power More Affordable for New Yorkers - Fracking Moratorium Leads to Termination of Oil and Gas Leases - New Water Withdrawl Permit Requirements - Update on Federal Trade...more

CFTC Charges Accounting Firm Tunney & Associates

by Felix Shipkevich | Shipkevich PLLC on 4/19/2013

The CFTC has filed a complaint against Tunney & Associates, an accounting firm with offices in Indiana and Illinois, for failing to properly audit a registered Futures Commission Merchant. Michael Tunney, the firm’s sole...more

Solar Project Performance May Be Threatened By Satcon Bankruptcy - Semi-Annual Audits Should be Conducted to Ensure Project...

by Sophie Akins | Best Best & Krieger LLP on 4/11/2013

If your solar project uses Satcon-brand inverters to convert the direct current generated by your solar panels into alternating current, you may have recently received notice from Satcon or your installation contractor that...more

Defending SPLA Audits: Critical First Steps

by Scott & Scott, LLP on 4/11/2013

Robert J. Scott, Managing Partner of Scott & Scott, LLP, suggests that there are a couple of critical steps you should take upon receipt of a SPLA audit notice before providing Microsoft's auditors with information....more

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