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ONESOURCE Audit Manager

2012 Innovation Awards

Apr. 11, 2012

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2012 Innovation Awards Nomination:

ONESOURCE Audit Manager
http://onesource.thomsonreuters.com/solutions/workflow-manager/workflow-manager/audit-manager/

In the global economy, there is one common issue companies face that transcends language and cultural differences: tax audits. Recent economic challenges have resulted in the increased use of tax audits to balance budgets. Across the board, the number of tax audits has increased:

  • Globally, indirect tax audit activity is up 80 percent
  • IRS audits are up 15 percent
  • US state & local income tax audits are up 10 percent

ONESOURCE Audit Manager enables companies to manage simultaneous audits with optimal efficiency and achieve strong results. By providing global access to core data and documents in a central location, the solution provides a way to manage and gather all of the internal information and data required to support an audit, better meet deadlines, avoid costly penalty fees and ultimately settle audits faster.

Key features/benefits include:

  • The ability to manage and track comprehensive audit information including information requests, proposed adjustments, transactions, settlement amounts, and taxpayer adjustments for multiple entities.
  • The ability to track and store a detailed history of discussions and agreements with tax authorities, as well as maintain a complete audit trail of those working on an audit.
  • The ability to manage audits on multiple tax types with fields that adjust according to the type of examination.
  • Support of federal, state, sales & use, transfer pricing, and property tax audits.
  • A secure environment with the ability to provide customized access tailored to an individual user’s needs.
  • Integration with ONESOURCE WorkFlow Manager, providing access to audit workflows that drive users through processes, and manage and assign tasks to ensure timely completion.
  • FileRoom, a central repository for 24/7 access to requests, assessments, and reports. With FileRoom, users can upload notes and other paperwork directly into the system. Easy-to-use search features and customizable labels ensure that information can be found quickly.