Auditing

One of the most nerve wracking aspects about tax season for millions each year is the possibility of being audited. For small business owners and those who are self-employed, the chance of being audited is even greater.

Thomson Reuters and KPMG LLP, the U.S. audit, tax and advisory services firm, are combining their services and technology to help companies moving goods across borders in Latin America comply with trade and customs regulations.

Audits are not the realm of only the Big 4 and other very large practices. Many small and mid-sized firms also offer A&A services to their clients. But audits can certainly be complex and labor intensive, not to mention the considerable regulatory obligations that accompany them. With the right tools and services, such as those in this section, even small firms and sole practitioners have found audit services to be a valuable and highly sought after offering.

New Visualization Capabilities Allow Audit, Risk, and Compliance Professionals to Deliver Data Interpretations That Matter to the Business

Dolinar, 55, is managing partner of the Assurance Professional Practice, national office of Crowe Horwath LLP, Chicago, Ill. As chairman, he will head one of the Institute’s most important volunteer bodies. It serves as the AICPA’s official voice on financial reporting matters and develops industry-specific accounting guidance. The committee’s membership includes representation from business and industry, public practice and academia.

"“The CAQ commends FASB for its efforts in developing a standard that provides guidance regarding a preparer’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern, and, where required, to provide footnote disclosures about going concern uncertainties each reporting period," said executive director Cindy Fornelli.

The Center for Audit Quality (CAQ) has released the Professional Judgment Resource, a guide designed to provide auditors with an example of a decision-making process to facilitate important auditing and accounting judgments in a professionally skeptical manner.

A new accounting firm case study examines the challenge of "over-auditing," and the effects it can have on efficiency.