The Tax Cuts and Jobs Act brought about quite a few changes that went into effect in 2018, but several tax law updates weren’t slated to go into effect until the 2019 tax year. One of the biggest changes in 2019 is the federal level elimination of the individual mandate penalty, also called the Shared […]
Displaying: September 2019
Improving the Internal Audit Function through Enhanced Data Analytics
Data analytics and “big data” have become a game changer for internal auditing, as firms search for opportunities to provide more value to clients and respond to new regulations and increased pressure from stakeholders. Integrating data analytics into the internal audit approach isn’t easy, but the investment of time and money will help firms and […]
Auditor Risk Assessment
In recent years, a constant mantra of the AICPA’s peer review and technical staff has been that auditors are struggling with the risk assessment standards (primarily AU-C sections 315 and 330). Common deficiencies cited by the AICPA include: [1] auditors failing to gain an understanding of internal control when identifying the client’s risks; [2] incomplete […]