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U should be using a tax specialist, otherwise i would question whether your audit is reasonable.
Weird, we do tax stuff for our audit team all the time. There's simply too much to miss.
Not necessarily Director 1. We are getting pushed to do the work on the audit side and have tax come in and only look at summary memo.
+ there are so many continuing never ending updates agh........
Can confirm, never tested the controls. No idea who does that as well.
^KPMG2 i heard the extent of tax specialists involvement do vary quite a bit across different engagements which is also impacted by the budget..
I wish i had done provisions with your audit teams. We always had to do all the audit documentation.
Me freaking too. I HATE auditing I did not sign up for it and provisions make me want to die
We have tax in all the time for assessing UTP, the controls, etc. if you're full substantive I can see how you might do it yourself, but if it's an integrated audit i would question if your seniors really have the expertise. I'm on the IT side and my Core team couldn't answer my testing over MACRS calcs at all.
I agree, on integrated audits tax specialists should be involved. And at least be part of quarterly meetings to ensure the audit team isn't missing something. We keep our tax specialists in the loop but do all the leg work.
A lot of tax people do not know how to audit and document. Likewise they never understand how to test Control and document the procress
We have a tax team that does all tax work. On smaller jobs the senior may get stuck looking at taxes, but there is a tax manager and partner to review.
^Director and FTA1, I am on 2 diff engagements with one Integrated Audit which both involve and rely on few tax specialists (manager/partner lvl) to some extent. Yet, I am still required to do quite a bit of leg work for FSA and substantial documentation from ICOFR side rather than just purely relying on tax specialists. Even a portion of substantive audit and ICOFR documentation cause enough stress for me..
Oh yeah audit tends to push on the budget a lot. I don't know what others do but all we do is get provision from the client, see if it's done correctly, everything is accounted for, and everything is treated correctly. Rest is done by audit.
Our tax team reviews the provision but audit does all the testing and documentation; seems to work for us.
That would be incredible ^
Lol I'm in the same boat