My friend Francine McKenna recently had a piece (she is co-author) published by MarketWatch: Where was KPMG, Wells Fargo’s auditor, while the funny business was going on? It is scathing in its discussion of the role played by KPMG.
Over the past half century, a great deal of literature has appeared in Canada and the United States about how to design, document and assess internal controls. First Reference has built upon the most current internal control authorities to provide organizations with practical tools for designing and evaluating controls.
At year end, external auditors heading into the tax department do not generally rely on internal controls to reduce testing; a great deal of effort is focused on substantively testing the income tax balances on the financial statements. Tax processes are notoriously manual in nature with numerous adjustments required to manipulate general ledger information into useable tax information. We have compiled a list of the top ten tax controls every company should have in place with the emphasis (as expected) on monitoring controls.
Established in 1995, First Reference provides organizations with practical and authoritative resources to help ensure compliance with constantly changing Canadian legislation and best practice