Auditing

The Tax Division of the U.S. Department of Justice has announced an agreement with Switzerland that would permit all but a few Swiss banks to avoid criminal prosecution by paying substantial fines and turning over information on accounts held by American clients.

The Tax & Accounting business of Thomson Reuters has launched an enhanced online marketplace at Tax.ThomsonReuters.com/Store. It is designed to help tax and accounting practitioners and corporate tax professionals more easily find and purchase the products they need, access news and insightful articles, join online communities of their peers, and more.

As the Internal Revenue Service Exempt Organization division twists and turns in the wind over the recent scandal involving undue scrutiny on certain tax-exempt applications, nonprofit managers and practitioners might wonder how this will impact them.

A Connecticut state auditors' report issued Wednesday reveals a troubled system of internal controls throughout the state's 12 community colleges, ranging from instances in which employees started work before signing contracts, contracts weren't competitively bid and proper purchasing procedures were skirted.

In response to customer demand and increased regulatory scrutiny and enforcement, ACL has launched a new Anti-Bribery and Anti-Corruption Solution.

One of Detroit's two pension funds handed out nearly $1 billion in bonus cash payments over two decades to retirees and active employees' retirement accounts instead of reinvesting the extra earnings for the future, according to a Free Press review of city records.

Accounting firms across the country are looking to the cloud to transform their client accounting services. They are looking to move from simply transactional bookkeeping services to higher value advisory services more in line with the CFO function.

Most organizations today assume that their IT personnel do an adequate job of protecting the firm’s network and data by implementing and monitoring firewalls, keeping their operating systems/applications up to date, and mandating password changes on a scheduled basis.