Financial Services Industry
Industry: Email Alert RSS FeedIRS to broaden circumstances for requesting audit workpapers
CPA Letter, The, September, 2002 by Anonymous
Evaluating the balance sheet tax liability account and the income statement provision for taxes is an important part of any audit. Workpapers supporting this evaluation often contain sensitive information about contingent or potential liability for transactions whose tax treatment may not be self-evident. Although these "tax accrual workpapers" could provide a laundry list of items to challenge, the IRS has had a formal voluntary restraint program in place since 1981 under which audit workpapers are treated as the last place to turn for taxpayer business information. This restraint arose out of the IRS's recognition that, without unfettered communication between auditor and client, information contained in tax accrual workpapers could result in less reliable audited accounts....
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