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IRS Corporate Audits Drop 71 Pct, Individual Audits Fall 65 Pct

PYMNTS

The number of tax audits on corporations plunged amid the pandemic, with the IRS saying in the National Taxpayer Advocate’s “Objectives Report to Congress” report for Fiscal Year 2021 that it began 716 corporate examinations from April 1 to June 1 this year compared to 2,445 during the same time last year, a 71 percent drop.

Audit 69
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How to Audit Bank Reconciliation?: A Complete Guide

Nanonets

Audit Bank Reconciliation Guide  Both internal and external accounting audits are essential parts of financial management as well as organizational risk management. A bank reconciliation audit is one such process that helps in identifying financial gaps or discrepancies. Looking out for a Reconciliation Software?

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Key learnings from 2024’s biggest financial crime fines

The Payments Association

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships. Internal assessments categorised Nordeas overall AML risk as critical, yet systemic upgrades were not prioritised.

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How payment firms can prepare for the FCA’s proposed safeguarding regime

The Payments Association

Firms must prepare for these changes by improving their internal processes, conducting audits, and adapting to new compliance requirements to ensure seamless implementation of the FCA’s reforms. What’s next?

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Guide to Vendor Account Reconciliation Process

Nanonets

The vendor reconciliation process is the systematic procedure of verifying and aligning the financial records of a company with those of its vendors. Compliance and Audit Readiness: Vendor reconciliation plays a crucial role in ensuring compliance with regulatory requirements and audit standards.

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Merchant-facing regulation: What merchants need to know in 2025

The Payments Association

Applicable to large organisations, the offence imposes criminal liability if firms do not have adequate fraud prevention procedures in place, even if senior leadership is unaware of the misconduct. Next steps/action required: Commission a digital accessibility audit of all consumer-facing platforms and payment interfaces.

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Comprehensive Guide to Account Reconciliation

Nanonets

Each balance should match its corresponding entry in the general ledger for any source. Keeping track of the right documentation during the audit process can help reduce the time and effort required for auditors to verify financial statements.