Authored By: Jennifer C. Lau & John P. Bennecke
The third quarter is just behind us and tax departments can already feel the weight of the year-end process looming ahead. With a limited window of time to get the year-end financials released, while maintaining a robust tax control process, it is critical that the tax department is prepared well in advance.
Recent findings from the PCAOB coupled with the new COSO framework released in 2013 continue to note that audit firms "had not obtained sufficient appropriate audit evidence to support its opinion that the financial statements were presented fairly," suggesting that the audit firms issued opinions without reasonable assurance that the issuers had maintained effective internal control over financial reporting.
How does this impact you?
These results continue to put pressure on audit firms to step up their audits, with the burden squarely falling on your shoulders. This includes asking for additional documentation, evidence of review, comprehensive inquiry and walk-through procedures, all of which demand more of your time. While company-wide initiatives may be in place to address these new requirements, tax departments face additional obstacles driven by the complexity and non-transactional nature of the tax processes. Failure to adhere to these new standards puts your organization at risk for lengthy and difficult audits, increased scrutiny, potential management action plans, and even material weaknesses.
Why wait until the pain of year-end begins to seek out the right prescription? Consider having an independent resource on your side before the game begins.
True Partners Consulting is here to serve as your advocate and advise you on dealing with these new requirements and alleviate the burden you experience at year end. Have you considered a Tax Process and Controls Review to prepare yourself for the year-end provision?
What Does a Tax Process Controls Review Entail?
We will spend a few days with you and your team to:
True Partners Consulting is an independent tax consulting and advisory firm with a team of experienced professionals who can help you identify areas of risk within your recently completed tax return compliance process, as well as the upcoming tax provision process. We can assist in evaluating existing roles and responsibilities to ensure that the proper alignment is in place and look for ways to leverage existing internal and external resources to increase efficiency and free up time. Together, we can build a comprehensive strategy to tackle your year-end provision process.
Our National Team
Our Team of experienced professionals is comprised of experts from across our firm, to provide you with the depth and expertise you need to navigate the complexities of the tax financial reporting and tax compliance landscape.
Realizing that each client has different needs and requirements, and in an effort to provide you with the deepest technical expertise and specialties, we customize each client service team to meet the needs and requirements of each unique project or solution.
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