Deciding on the best audit approach isn’t a cookie-cutter process. While a long-standing relationship with a client or in-depth industry knowledge can give auditors a leg up, defining an effective audit approach requires careful consideration and planning for every engagement.
As Abraham Lincoln once said, “It is . . . the duty of Government to render prompt justice against itself in favor of citizens. . . .” Calvert Invs., Inc. v. Louisville & Jefferson County Metro. Sewer Dist., 805 S.W.2d 133, 138 (Ky. 1991) (quoting Abraham Lincoln). Equally, in a tax audit, the tax auditor’s job is to determine the right amount of tax, regardless of whether the audit determines that the taxpayer paid that amount, too little or too much.
NOTE: This checklist does not contain the complete specifics of the applicable KRS. Readers should consult the statute for the exact technical requirements.
Automation is discussed so often in the context of accounting and audit services that it’s become something of a cliché. But dismissing the trend as just another buzzword misses the bigger picture.
It’s a new world out there; a COVID-19 world. While the masses are fighting the virus, accounting professionals are embracing a virtual work environment — and that includes conducting remote audits.