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Highlights: Growing importance and data demands of ESG : The increasing significance of ESG compliance is overwhelming teams with expanding data demands and regulatory scrutiny. It takes considerable resources (time, money, human capital) to collect, store, and analyze the increasingly large amounts of data that ESG compliance requires.
The US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC) have issued a number of policy updates and public pronouncements over the last several months, emphasizing the importance of empowered and accountable corporate compliance programs. Ensure compliance has the resources to do its job. more…).
Artificial intelligence (AI), the use of technology to execute or simulate processes that would otherwise require human intelligence, is not new. As companies continue to explore and invest in AI, they also are tasked with considering numerous business implications, such as ethics, compliance, and regulatory processes; risks (e.g.,
How has technology impacted accounting? From increasing accuracy to optimizing tax workflow to freeing up time for more value-added activities, technology has transformed the accounting industry—for the better. Accounting firm technology trends. How has accounting changed with technology? Automation. The result?
The 2024 State of the Corporate Tax Department report by Thomson Reuters Institute highlights these pressing issues, making a compelling argument for increasing technology budgets to unlock new levels of efficiency and strategic value. Currently, only a small fraction of the average tax department’s budget is dedicated to technology.
Opportunities remain to better align external risk reporting with internal risk management and reporting processes, improve the readability and categorization of risks, and make disclosures less generic.
Data analytics technology has now matured to a point where companies should consider how to harness it for enhancing compliance around their corporate financial and sustainability disclosures. Danilack, Frances Waldmann , Chris Rosina , and Samantha Yi.
← Blog home The emergence of new trends now has serious implications for medical technology (MedTech) companies and their ability to maintain compliance with indirect tax (IDT) rules and regulations. Streamline tax compliance using Thomson Reuters ONESOURCE for real-time accuracy. Emerging technologies.
In today’s rapidly changing business environment, firms need to stay on top of their audit compliance. As disruptive technologies and new regulations are constantly emerging, it can be difficult for businesses to remain compliant. How do you ensure audit compliance? compatible.
Department of Justice (DOJ) updated its Evaluation of Corporate Compliance Programs (ECCP) guidance. First published in 2017, the ECCP sets out factors that DOJ Criminal Division prosecutors will consider when evaluating the compliance program of a company facing a criminal enforcement action. On September 23, 2024, the U.S.
Efficiency remains at play, but compliance and innovation scores Globally, banks have been focused on reducing costs this past year. Regulatory compliance has become a top priority for banks as they navigate an increasingly complex regulatory landscape related to AI, resilience, and open banking.
Artificial intelligence (AI) has the capacity to disrupt entire industries, with implications for corporate strategy and risk, stakeholder relationships, and compliance that require the attention of the board of directors. The implications for compliance with legal, regulatory, and ethical obligations. more…)
This year’s report highlights the increasing regulatory pressures and the strategic role of technology and leadership in navigating these complexities. Highlights: 82% of leaders say ESG is crucial for corporate success in 2024, beyond mere compliance. ERP integration is key for seamless ESG data management and reporting.
Disney’s board was facing complex strategic challenges that included, among others, the weak performance of Disney+ -the streaming business launched in 2019-, a falling share price, technology disruption threatening its core business, unsustainable debt levels, and the rising geopolitical risk in China.
With frequent changes in indirect tax laws, IT teams face the added challenge of continuously updating systems to ensure compliance. And in countries that require real-time reporting, non-compliance can prevent the business from operating in those regions altogether. Potential audit penalties and fines are just the beginning.
(OTC: TMSH ) focused on innovative technology solutions, today announced the acquisition of Manifest Technologies Group, a company specializing in the development and deployment of advanced artificial intelligence (AI) solutions for the accounts receivable (AR) and debt recovery industry. Full story available on Benzinga.com
Learning curves and misperceptions of new technology Older systems that lack integration capabilities Age-old processes Lack of process documentation when senior staff leave Process improvement requires an open mind Automation and GenAI has serious advantages for tax departments, assuming teams are open to change.
To address this issue, the IRS is now taking steps to improve non-filer compliance. This renewed focus on non-filer compliance programs is a positive move towards reducing the gap in unpaid taxes and promoting tax compliance. You can also visit our hub pages to learn more about IRS Audit and tax compliance.
This profound shift has created a pathway to improving operational efficiency, seamlessly achieving compliance, and fostering more meaningful relationships with clients. . How is information technology used in accounting? Today, technology has changed the accounting industry. real-time and automate repetitive tasks.
Faraz Hussain , a partner in Deloitte Tax LLPs tax technology consulting practice, explains that the shift to automated tax processes has not necessarily made the job of corporate tax compliance any easierit has simply made it possible for companies and tax authorities to share information more efficiently.
In the corporate tax space, just as the regulatory compliance landscape becomes more challenging and reporting requirements become more demanding, technology is advancing rapidly to crunch vast amounts of data in no time and streamline labor-intensive processes. Discover how Thomson Reuters is harnessing the power of AI. _
The proper utilization and deployment of technological solutions alongside valued tax professionals is how successful tax departments deliver valued analysis, insights, and guidance for their organizations. Yet, technological maturity is low to moderate in many businesses.
DOJ Revamps Corporate Criminal Enforcement Policies with Continued Emphasis on Compliance. Tags: Climate change , compliance , Disclosure , ESG , Risk assessment , SEC , Shareholder power , Stakeholders. Posted by Justin P. Murphy, Sarah E. Walters, and Edward B. Diskant, McDermott Will & Emery LLP, on Friday, October 7, 2022.
For corporate tax departments, making the tax technology pitch for an automated solution is a relatively simple one. 2—It will protect the organization against: fines and penalties for being out of compliance. enabling easier technology transitions during mergers and acquisitions. million against a cost of $1.7 respectively.
These questions can be related to changes in regulatory and compliance standards , ESG , and general business advice. For all it can do, there are limitations to technology. “ – Robert Jones President and Founder, RC Jones & Associates What technology solutions should accountants have? Completely changed me.
Importance of Compliance Programs. Approximately 70% (specifically, 2,100) of all examinations resulted in deficiency letters, and approximately 6% (specifically 190) resulted in referrals to the Division of Enforcement for investigation.
Is your firm running its gears on outdated accounting technology? In fact, a recent survey by Accounting Today found that half of the firms surveyed said they plan to boost their spending on technology in 2023. However, the survey also found that keeping up with changes in technology is among the top challenges facing firms.
Jump to The transformative potential of AI in advisory Breaking through traditional pricing models Empowering teams through technology Challenges and considerations when adopting tech and AI Embracing technology to unlock advisory services Today, many forward-thinking accounting firms are driving business growth through advisory services.
Skip to main content Overcoming two issues that are sinking gen AI programs June 6, 2025 | Article Curt Jacobsen  Erik Witte Kaz Kazmier  Oscar Villarreal Hard experience has revealed common technology pitfalls in building a gen AI capability and proven strategies for overcoming them.
Further, DOJ has adopted an aggressive stance toward seeking enhanced penalties for corporate misuse of new and disruptive technologies like artificial intelligence (“AI”). And third, she discussed how DOJ will apply its existing law-enforcement toolkit to emerging technologies like AI. more…)
For today’s accounting firms, advanced technology is no longer an option but a necessity. If your firm is considering an investment in tax technology, the time is now. The state of investing in technology for firms Historically, accounting firms have been reactive in terms of adopting technology.
Jump to: Moving beyond technology implementation Picking the right technology is just the start How to keep tax department tech effective From the pandemic to regulatory changes to economic shifts, numerous industries have adjusted how they operate, how they use technology, and how they engage with clients.
With The Great Resignation accelerating staffing challenges for accounting firms of all sizes, it might be time to look for a non-traditional new hire: technology. Rather, technology presents an opportunity to revamp workflow processes and incorporate automation to the fullest extent possible. Cloud technology.
Digitally native securities are recorded and transferred using distributed ledger technology and do not rely on centralized entities or certificated forms of ownership that characterize traditional financial instruments. Digital assets that trade today overwhelmingly have the characteristics of commodities.
Jump to ↓ The strategic importance of technology in tax firms Challenges in technology adoption Preparing for the future: Trends and predictions Embracing technology for competitive advantage The landscape of tax and accounting is undergoing a significant transformation, driven by rapid technological advancements.
These measures are meant to impair the country’s economic growth by “isolating it from the global financial system” and by curtailing “its access to cutting-edge technology.” [1]. In an interconnected global economy, however, sanctions also have unintended consequences on US businesses operating in Russia or relying on Russian suppliers.
In today’s rapidly evolving digital landscape, technology’s impact on mergers and acquisitions (M&A) is profound and multifaceted. Businesses aiming to navigate the M&A process must consider traditional financial and operational metrics and the technological prowess and readiness of acquiring and targeting companies.
Scot will be addressing the future of appraisal modernization and how valuation technology will revolutionize how data driven decisions are made to the benefit of all parties to the real estate transaction, including the appraiser. REcolorado is looking forward to collaborating with appraisers in 2024 with our quarterly appraiser meetings!
The Division announced an enhanced focus on five “significant areas”: (i) private funds; (ii) environmental, social and governance (“ESG”) investing; (iii) standards of conduct, including Regulation Best Interest, fiduciary duty and Form CRS; (iv) information security and operational resiliency; and (v) emerging technologies and crypto-assets.
Highlights: Continuous Transaction Controls (CTC) mandates Business automation and CTC compliance Consequences of non-compliance and future readiness In the ever-evolving landscape of global commerce, Continuous Transaction Controls (CTCs) have emerged as a pivotal element in ensuring compliance and enhancing business automation.
Highlights: Pillar Two introduces unprecedented complexity, requiring sophisticated technology software. Orbitax Global Minimum Tax (Orbitax GMT) automates data collection and validation, reducing manual entry errors while ensuring regulatory compliance. This can delay financial reporting and elevate audit risks.
The Examinations program will focus on private funds, environmental, social, and governance (ESG) investing, retail investor protections, information security and operational resiliency, emerging technologies, and crypto-assets. 1) Proposed Rules Changes on Cybersecurity.
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