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Audits

All articles tagged with #audits

business1 year ago

IRS Intensifies Crackdown on Abusive Corporate Jet Tax Deductions

The Internal Revenue Service (IRS) is set to crack down on corporate jet owners who abuse the tax code by claiming millions of dollars in deductions on airplanes used for personal travel, using new data analytics tools developed with funds from the Inflation Reduction Act of 2022. This initiative comes as the agency faces pressure to demonstrate effective use of its $80 billion in funds and aims to address the estimated $700 billion per year tax gap through increased audits of companies and wealthy individuals.

via The New York Times|
#audits#business#corporate-jets
education2 years ago

Tennessee Schools Face Discipline and Audits as Letter Grades are Released

More than a quarter of Tennessee's public K-12 schools could face corrective action and audits after receiving Ds or Fs under a new grading system. The controversial letter grading system, which advocates argue provides transparency for parents, has been criticized for favoring standardized test proficiency over overall academic growth. Schools that receive low grades may be required to follow a corrective plan or face academic and financial audits starting in the 2024-25 school year. Nearly half of the schools that received Fs are within the Memphis-Shelby County Schools district. Critics argue that the system stigmatizes public schools and fails to capture the complexity of school performance.

via Tennessean|
#audits#controversy#education
technology2 years ago

"Google Play Store Enhances Security with Audit Badges for Android VPNs and Apps"

Google is introducing a new badge system in the Google Play Store to help Android users find more trustworthy VPN apps. The badges will indicate that the apps have undergone independent security audits. VPN apps are the first to receive this special treatment due to the sensitive data they handle and their popularity as targets for subversion. The badges will be displayed prominently on the Google Play page of audited apps, providing users with more transparency and building trust in the apps' security.

via The Register|
#android#audits#google-play-store
business2 years ago

US watchdog exposes flaws in KPMG and PwC audits of Chinese companies.

The US Public Company Accounting Oversight Board (PCAOB) has found that audits of Chinese companies by KPMG and PwC were full of holes, with the firms failing to obtain sufficient evidence to support their opinions on the companies' financial statements. The findings come as China raids the offices of a global consulting firm on allegations of national security risk.

via CNN|
#audits#business#china
business2 years ago

U.S. watchdog uncovers issues with Chinese company audits.

The US Public Company Accounting Oversight Board (PCAOB) found unacceptable deficiencies in audits of dozens of US-listed Chinese companies performed by KPMG in China and PricewaterhouseCoopers in Hong Kong. The deficiencies were so great that auditors failed to obtain enough evidence to substantiate companies' financial statements. The PCAOB will give the two firms a year to remediate deficiencies around quality controls, and the agency will make referrals to the agency's enforcement team where appropriate.

via Reuters|
#audits#business#china
finance2 years ago

US watchdog uncovers major deficiencies in audits of Chinese companies

The US Public Company Accounting Oversight Board (PCAOB) found unacceptable deficiencies in audits of US-listed Chinese companies performed by KPMG in China and PricewaterhouseCoopers in Hong Kong. The deficiencies were so great that auditors failed to obtain enough evidence to substantiate companies' financial statements. The PCAOB will give the two firms a year to remediate deficiencies around quality controls, and the agency will make referrals to the agency's enforcement team where appropriate.

via Yahoo Finance|
#audits#china#finance
business2 years ago

KPMG defends audits of Silicon Valley Bank and Signature Bank amidst pressure.

KPMG, one of the Big Four accounting firms, has defended its audits of Silicon Valley Bank and Signature Bank after a report by the US Senate Permanent Subcommittee on Investigations criticised the banks for failing to prevent money laundering. KPMG said it stood by its work and that the report did not identify any deficiencies in its audits.

via Financial Times|
#audits#business#financial-services