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monitoring controls

By Norman D. Marks, CPA, CRMA | 3 Minutes Read August 26, 2019

Elevating internal audit’s role

For many years, PwC has shared with us their view of the State of the Internal Audit Profession. They have some useful words, but it is mixed in with an agenda with which I don’t totally agree. I will come to that later. But first, the good stuff:

Article by Norman D. Marks, CPA, CRMA / Business, Finance and Accounting, Privacy / internal audit, Internal Controls, monitoring controls, risk assessment, technology risks and controls

By Occasional Contributors | 3 Minutes Read July 15, 2013

Monitoring controls: The top ten tax 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.

Article by Occasional Contributors / Business, Finance and Accounting, Not for Profit / audit, external auditors, financial statements, general ledger, income tax, Income Tax Act, Internal Controls, monitoring controls, raw data, reducing audit fees, tax contingencies, tax department, Tax Plan Implementation Review, Tax processes, tax rates, top ten tax controls

By Occasional Contributors | 3 Minutes Read May 8, 2013

Why your organization needs a Tax Plan Implementation Review (TPIR)

Board members and senior management are quite familiar with compliance requirements for CEO and CFOs certification and the importance of maintaining strong internal controls over financial results. The certification process extends to internal controls over income taxes balances in the financial statements. For the majority of companies with a well-staffed tax department, monitoring controls remain the strongest control and most frequently used. Senior management is however, frequently unaware of the potentially material risk associated with tax plans implemented in the past; undergoing an annual TPIR assists in mitigating this risk to a manageable level.

Article by Occasional Contributors / Business, Finance and Accounting / business strategies, CEO and CFOs certification, compliance requirements, financial results, financial statements, foreign internal tax staff, income tax balances, Internal Controls, management mandates and policies, material risk associated with tax plans, mitigating risk, monitoring controls, risk management, senior tax personnel, tax accountants, tax department, tax losses, tax plan, Tax Plan Implementation Review, tax planning strategy, taxable income

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