News & Analysis as of

Audits

5 Key Takeaways: New York Corporate Tax Reform – Likely Audit Issues

At a recent New York tax conference, Jeffrey S. Reed, Chair of Kilpatrick Townsend’s State and Local Tax Group, discussed New York Corporate Tax Reform and likely audit issues. Takeaways from the speech include: Audits...more

Accountancy Forum Newsletter - December 2017

by Reed Smith on

In this edition, we have drafted an article on the recent FRC sanctions and we have also included short summaries of recent cases and items of interest to our target audience. At the end of the newsletter, you will also find...more

Reminder: The New Partnership Audit Rules Are Effective for Tax Years Beginning January 1, 2018

by Epstein Becker & Green on

The Bipartisan Budget Act of 2015 (“BBA”), enacted on November 2, 2015, provided for sweeping changes to the way partnerships are audited, including the ability of the Internal Revenue Service (“IRS”) to levy U.S. federal...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The DOJ announced the formalization of a new FCPA cooperation policy built on the success of its Pilot Program. That program resulted in a significant increase in firm’s self-reporting and cooperating, the goal of the new...more

Blog: Boilerplate Cams In Auditor’s Reports? That Would Be A Bummer, Man

by Cooley LLP on

In what were surely unprepared remarks to the American Institute of CPAs conference on SEC and PCAOB developments, as reported by Bloomberg BNA, SEC Chair Jay “the Dude” Clayton commented on the impact he expects the new form...more

Clearly Erroneous Audit Assertion – An Expensive Thorn in Contractors’ Sides

Auditing by the Defense Contract Audit Agency (“DCAA”) is a ubiquitous cost of doing business with the Department of Defense, and one which many defense contractors have come to dread. Unfortunately, far too often the DCAA’s...more

Critical Audit Matters (CAMs) and M&A

The SEC has approved the PCAOB’s standard regarding the communication of critical audit matters for public companies, referred to as CAMs, which will provide information in the audit report about matters arising from the...more

DOJ Issues New FCPA Policy Offering Incentives to Encourage Disclosure of Foreign Bribery and Corruption Misconduct

by Foley & Lardner LLP on

On November 29, 2017, Deputy Attorney General Rod Rosenstein announced that the U.S. Department of Justice (DOJ) was issuing a new enforcement policy covering its enforcement of the Foreign Corrupt Practices Act (FCPA). The...more

Fixed-Price Contracts Are Simple - Or Are They?

by Pepper Hamilton LLP on

Firm fixed-price contracts seem like a simple concept in practice — agreements that do not allow for the modification of the contract price after award without an express agreement between the parties. Originally published...more

Confirm what the auditor says

by Ary Rosenbaum on

If you have a retirement plan with more than 100 participants, you probably have a plan audit (if you have more than 120 participants, you do). Like with any plan providers, there a lot of great auditors out there and some...more

Blog: Your Startup Received an Audit Notice – What’s Next?

by Cooley LLP on

While no one (even those of us who do this for a living) likes receiving an audit notice in the mail, the process can be less daunting if you understand some of the basics.  While we focus below on IRS audits, most of the...more

New OIG Project Expands Telemedicine Audits to State Medicaid Programs

by Foley & Lardner LLP on

Following on the heels of its plans to review Medicare payments for telehealth services, the federal Office of Inspector General (OIG) at the Department of Health & Human Services (HHS) just announced a new project to review...more

Changes to Audit and Truth in Negotiations Act in FY 2018 NDAA

For DoD acquisitions, the Conference Report for FY 2018 NDAA includes provisions that would streamline the DCAA Incurred Cost Audit process by involving private auditors and increase the TINA threshold. Conference Report...more

FERC Issues 2017 Enforcement Report

by Morgan Lewis on

Report adds transparency on surveillance activities and confirms that despite the lack of quorum for much of FY 2017, FERC enforcement activity continued prior trends....more

Corporate and Financial Weekly Digest, Featuring Topics on Broker/Dealer, Derivatives, CFTC and UK/EU Developments

by Katten Muchin Rosenman LLP on

BROKER-DEALER - FINRA Releases New Targeted Exam Letter Regarding Order Routing Conflicts - On November 10, the Financial Industry Regulatory Authority released the contents of a new Order Routing Conflicts targeted...more

I-19 - Part 2 of Interview on Conducting Internal Pay Equity Audits

by Cozen O'Connor on

Michael Schmidt's latest episode provides the second of his two-part interview with David Cohen on conducting internal pay equity audits....more

SEC Chief Accountant Gives Speech on Effective Financial Reporting in a Period of Change

On November 14, 2017, SEC Chief Accountant Wesley R. Bricker gave remarks before the Financial Executives International 36th Annual Current Financial Reporting Issues Conference: Effective Financial Reporting in a Period of...more

Deportation and Employment Enforcement Likely to Increase with Nomination of New Director for ICE

Worksite immigration enforcement is likely to increase dramatically in the near future, and employers should make a thorough review of their hiring and employment practices to ensure they are compliant with federal laws and...more

House Lawmakers Retreat From NIST Cyber Auditing Role In Proposed Bill

by King & Spalding on

Members of the House of Representatives Science Committee modified a bill that would have made the National Institute of Standards and Technology (“NIST”) responsible for auditing federal agencies’ cybersecurity protections....more

SEC Approves Significant Changes to Auditor’s Reports: New Disclosure Implications for Companies

by King & Spalding on

On October 23, 2017, the Securities and Exchange Commission, or the SEC, unanimously approved new rules and amendments designed to render auditor’s reports more informative to investors. These provisions were proposed by the...more

Rethinking Independence in Internal Investigations

by Farella Braun + Martel LLP on

For a company under actual or potential government scrutiny, an independent internal investigation performed by outside counsel, sometimes coupled with cooperation with the government, can mean the difference between...more

ICE Director: “We’re Taking Work Site Enforcement Very Hard This Year.” Promises to Significantly Increase the Immigration...

In a speech at the Heritage Foundation, Thomas Homan, the acting director of Immigration and Customs Enforcement (ICE), echoed the Administration’s immigration enforcement focus on employers as a crucial part of curbing...more

Employers Should Prepare Now for Increased ICE Enforcement

by Littler on

Increased immigration enforcement and a reduction in illegal entry into the United States remain among the Trump administration's highest priorities. Notably, Acting ICE Director Thomas Homan has reportedly ordered Homeland...more

New Audits and Penalties on Medicaid Plans and Providers Related to Encounter Data in Value-Based Payment Models

by Epstein Becker & Green on

For value-based payments, encounter data[1] provides valuable information in much the same way that claims data does for fee-for-service arrangements. With the growing prevalence of value-based payments, especially in the...more

SEC Approves New PCAOB Auditing Report Standard

On October 23, 2017, the Securities and Exchange Commission (“SEC”) unanimously approved (the “Approval Release”) the Public Company Accounting Oversight Board’s (“PCAOB”) proposal to adopt a new auditing standard, AS 3101,...more

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