Audit Board

OCTOBER 26, 2023

An April 2023 McKinsey Global Survey — only six months in — found 79% of respondents reporting exposure to generative AI, 22% regularly using it in their work, and 33% whose organizations were using it in at least one function. EU’s AI Act ; calls for US oversight ) and academic studies on the impacts are well underway.

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ThomsonReuters

JULY 25, 2023

Their answers provide a helpful roadmap for corporate leaders who are interested in automated tax solutions but need more information about what factors to consider and challenges to expect. Malloy: One of the things tax automation does best is improve the speed and accuracy of repetitive tax calculations (VAT/GST, sales and use, excise).

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Audit Board

APRIL 27, 2023

The internal audit function is crucial to a company’s growth. Internal auditing examines and assesses company records, workflows, systems, and processes. The audit team’s ultimate goal is to be a highly valued business partner to other segments of the organization. Read on for everything you need to know about internal auditing.

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Audit Board

JUNE 22, 2023

Security and privacy are typically regarded as key risks from an internal audit perspective. To make things even more complicated, a business that operates in one territory but has international customers may be subject to the privacy laws and regulations specific to the citizens of those different countries.

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ThomsonReuters

JUNE 7, 2023

The latter increases the complexity when an employer begins to operate in more countries. Regarding solutions for global payroll challenges, Weckman believes transforming a business’s technology and the way it operates can help. More businesses warming up to adding A.I. Also, the U.S.

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ThomsonReuters

AUGUST 24, 2021

To build a persuasive business case for sales tax software , professionals need to explain how automating certain tax functions and improving reporting and analysis will benefit the company as a whole. Keep reading for 5 ways to calculate and communicate ROI in your business case for sales tax automation.

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ThomsonReuters

JULY 8, 2021

Multinational enterprises (MNEs) began using centralized shared services centers three decades ago to standardize and improve efficiency in back-office functions such as finance & accounting, human resources, and IT. TMF Group uses the ONESOURCE Statutory Reporting solution from Thomson Reuters in its tax software suite.).

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ThomsonReuters

MARCH 25, 2024

Expenses that qualify for the credit are those undertaken for the purpose of discovering information which is technological in nature and the application of which is intended to be useful in the development of a new or improved business component of the taxpayer. That is no longer the case. However, passage of H.R.

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ThomsonReuters

DECEMBER 13, 2021

On the other hand, it doesn’t always make sense to invest in a more robust tax solution if the organization is small and its indirect tax obligations are already being managed adequately. How to successfully make the business case for an indirect tax tech investment. So when is the right time to invest in indirect tax automation ?

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ThomsonReuters

NOVEMBER 11, 2021

Multinational corporations often use transfer pricing to allocate earnings among subsidiary and affiliate companies that are part of the parent organization. By using transfer pricing, companies can move tax liabilities to jurisdictions with low taxes to reduce corporate tax bills.

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ThomsonReuters

NOVEMBER 16, 2023

In fact, e-invoicing mandates themselves are often used as a stepping stone to CTC, so even if a government doesn’t require immediate electronic reporting now, it may do so in the near future. Technical issues can also arise from the platforms used for e-invoicing/CTC data exchange.

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ThomsonReuters

NOVEMBER 23, 2022

Every tax department has different technology needs and ideas about how far and fast they should go with automation, but there are a number of common triggers that lead a company to conclude that it needs the help of an automated tax solution. A fear of being audited and/or fined. Moving operations to the cloud has become a priority.

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Audit Board

APRIL 21, 2022

Join Richard Chambers for a new episode of his Agents of Change video series, featuring conversations with internal audit leaders from some of the world’s most prominent organizations about innovation in the profession. Transforming audit service by building truly collaborative partnerships with stakeholders. Wouldn’t you agree?

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Technology 52

ThomsonReuters

APRIL 18, 2023

The question then becomes: how? To assist today’s firms, this article will provide an overview of some of the top accounting issues firms face and the solutions that can help them tip the scale in their favor. Furthermore, professionals must adhere to new auditing standards SAS 134-140. What are the current issues in accounting?

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ThomsonReuters

DECEMBER 6, 2023

ERC background and issues The ERC provided eligible employers with a refundable credit allowed against certain employment taxes during most of 2020 and 2021, which was accounted for using Form 941 , Employer’s Quarterly Federal Tax Return. “Because I don’t think many business owners understand that there is risk here.”

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Audit Board

SEPTEMBER 29, 2023

Leaders from Ernst & Young discuss the benefits of automated controls testing, what practical steps to take, and how to use AuditBoard to drive automation. The third process is IT operations. Make sure that you provide a reliable processing environment that is prepared for routine operating issues. How do you evaluate them?

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Peak Business Valuation

MARCH 29, 2024

To help, we offer tailored solutions to buyers, sellers, and lenders. You can use this valuation report with third parties like insurance companies, courts, and lenders. Selling or Buying Freightliner Trucks: Are you in the market to sell or buy a used freightliner truck? To start, schedule a consultation.

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Audit Board

JUNE 13, 2022

This strategy accepts risk as a part of doing business, and pulls it into a company’s culture so that the organization manages risk as a part of both daily operations and long-term strategy. IRM ties together three risk management program areas — technology/cyber risk, operational risk, and enterprise/strategic risk. 3: Cost Savings.

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Audit Board

DECEMBER 25, 2022

In 2022, AuditBoard hosted 40 audit, risk, and compliance webinars that attracted over 40,000 attendees. In these sessions, the presenters tackled complex topics and emerging risks while offering practical solutions and approaches risk managers can apply immediately. However, obtaining accurate, timely ESG data is still a challenge.

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Audit Board

AUGUST 1, 2023

IT Risk Management Defined The goal of IT Risk Management, sometimes abbreviated to ITRM, is to identify, assess, address, and analyze IT-related risks that could affect the business, improving IT operations, cybersecurity, risk mitigation capabilities, and the organization’s overall risk and security posture.

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Audit Board

AUGUST 10, 2023

However, as we await the finalization of ESG requirements around the world, there are some common trends for acceptable and frequently used metrics. These topics can be identified through the use of a materiality assessment, either with internal stakeholders or with key investors or customers.

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Reynolds Holding

AUGUST 22, 2022

Many features of the prevailing securities regulatory regime are simply incompatible with the operation of digital assets markets, making immediate compliance without reforms functionally impossible. This post comes to us from Wachtell, Lipton, Rosen & Katz. rehypothecation). rehypothecation).

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Equilest

MAY 27, 2023

Evaluating Inventory for Business Valuation When evaluating inventory for business valuation, there are different methods of inventory valuation that can be used. Similarly, Company Y, a retail business, leveraged advanced inventory management software to streamline their operations.

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ThomsonReuters

JANUARY 18, 2024

In fact, more boards and audit committees are, or will be, looking for accountants who understand AI ’ s potential and limitations. That may have been said about other technological developments, such as blockchain and the use of robotic process automation (RPA). The use of AI doesn ’ t change the accountant ’ s core values.

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Reynolds Holding

MAY 14, 2023

There is, we assert, a solution to the problem of lawyers’ poor disclosure advice. With one exception, the SEC has never used this authority, and in that one case no lawyers were punished. Rather, it is about what happens when lawyers do not do their job under existing securities laws and regulations.

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ThomsonReuters

FEBRUARY 22, 2021

Goods that use parts manufactured outside the bloc must meet a product-specific threshold of UK-EU-sourced parts (usually 50% or more) in order to qualify. Depending on the circumstances, it might also become necessary to relocate facilities or find other solutions for warehousing and distribution.

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Audit Board

SEPTEMBER 13, 2022

Internal auditors, however, have a critical role in keeping fraud on the radar and being part of the solution. A useful way to get our arms around it is to consider root causes. . Covid-19 is no exception, generating unprecedented financial handouts and major shifts in operations to a distributed home-based workforce.

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Audit Board

JANUARY 25, 2023

However, this information’s reliability, meaningfulness, and use are suspect. US, EU, UK, and global regulators and standard-setters are all looking toward the same solution: integrated reporting, which connects financial and nonfinancial reporting to offer a more cohesive, transparent, and holistic approach to corporate reporting.

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Audit Board

JUNE 14, 2023

After all, businesses seeking to do the right thing isn’t new — many companies have chosen to incorporate sustainability, diversity, equity, human rights, and environmental initiatives into their day-to-day operations. And how can you ensure that the ESG information coming from various sources is accurate and reliable?

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ThomsonReuters

JANUARY 9, 2024

Conversely, Creech explained that the AI tools the IRS uses have seen “significant improvements” in areas that include partnerships where the audits are more targeted and have been much better than anything Creech has seen before. “What happens when the IRS AI finds [an issue] because it’s 1.2 6651 and Code Sec.

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Audit Board

AUGUST 17, 2023

My organization, Northwest Natural , went through a major implementation not too long ago, and we had to decide how internal audit would be involved. At the time, we looked for resources to help guide us on how and when to conduct an audit, but ultimately we had to make decisions that worked for our company on our specific project.

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Reynolds Holding

MAY 16, 2023

SEC Chair Gary Gensler also noted that the Task Force would focus on truth in advertising in fund disclosures when using terms like “green” and “sustainable.” These high-profile cases have focused on companies with significant, known environmental and social risks.

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ThomsonReuters

JANUARY 29, 2024

Jump to: The big picture Why this issue matters Understanding ESG auditing The big picture Climate change can be a tricky topic to discuss, but there’s no doubt that a great many businesses are having to discuss and account for climate risk. To provide that kind of information, organizations need to perform ESG auditing.

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Audit Board

JUNE 8, 2023

Compliance audits are a broad topic that can affect many organizations across different parts of an organization. There can be different kinds of compliance audits being performed at any given point in time, and at first glance the world of compliance is full of opacity and acronyms. What Is a Compliance Audit?

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Audit Board

AUGUST 29, 2023

One of the great inhibitors of greater technology adoption among internal audit leaders is not knowing where to start. Now, in Part 2, we explore specific applications for internal auditing, from elementary to more advanced ones. We hope to inspire you with some practical solutions. It’s not just about technology.

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ThomsonReuters

FEBRUARY 1, 2024

Jump to: What is a reverse sales tax audit? What information is necessary for a reverse audit? Such audits can also uncover industry-specific credits and exemptions that may have been overlooked. What is a reverse sales tax audit? There are many reasons why a company might overpay sales or use taxes without knowing it.

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Audit Board

MARCH 17, 2022

Three types of ESG internal controls, and five kinds of internal audits over sustainability. . Reputation : “Poor internal control environments can lead to higher cases of fraud, greenwashing, and can adversely impact a firm’s reputation, which can have other immediate and long-term implications for companies.”. Protected and secure.

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