Describe the ASB’s Clarity Project. Why is this so important for the auditing profession?

Discussion week 6

Write at least 6 to 7 sentences for each question.

WEEK 6: CURRENT ISSUES IN TAX

1) Go to http://www.irs.gov/taxpros/index.html?navmenu=menu1 (Links to an external site.)Links to an external site.. Read the current information that the IRS is publishing for tax professionals and tell us about it. How does this impact the future of tax?

2) This week we are working with TCO – 6. Given the history of past accounting frauds and the complexity of today’s tax environment, examine the impact of international accounting standards on today’s auditing profession, and assess the impact of new tax regulations on individuals, small business and large corporations.

Do you think the IRS’s requirement of paid tax preparers having to have a PTIN will make a difference in terms of crooked tax preparers? Does anyone in class have a PTIN? Was it hard to obtain?

3) Go to http://pcaobus.org/Standards/Auditing/Pages/default.aspx (Links to an external site.)Links to an external site.. Read one of the auditing standards and summarize it for us. What did you find interesting or surprising about it?

4) The audit committee is responsible for ensuring that management makes all necessary adjustments. The audit committee also has oversight responsibility over all the accounting and auditing matters for the company. If the client refuses to book material adjusting entries, the act becomes fraud, which is illegal.

Describe the ASB’s Clarity Project. Why is this so important for the auditing profession?

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