audit – Fraud Files Forensic Accounting Blog

IRS Audit Rates Keep Falling

2 December 201926 November 2019 by Tracy Coenen

Accounting Today had an awesome article about IRS audits and the recent trends. The good news for taxpayers is that audit rates are down overall. In 2010 the audit rate was 0.9%, or 1.735 million tax returns. Last year it was only 0.5%, or 991,000 tax returns. There is even better news with some of … Read more IRS Audit Rates Keep Falling

What is an Accounting Review?

14 March 201511 March 2015 by Tracy Coenen

An independent financial statement audit done by external auditors is the most extensive attest service provided by auditors, and it is still limited. A review of financial statements by an independent auditor is even more limited in scope.

Reviews amount to auditors looking at account balances and determining whether or not the balances look reasonable. They will perform some analytical procedures on the financial statements to further analyze the numbers. On occasion, they may ask to see some details about accounts and their balances, but this happens on a very limited basis.

Conspiracy of Fools: Who’s In Charge?

2 March 20128 August 2006 by Tracy Coenen

The partners at Arthur Andersen were having another argument about the management of the Enron account. As usual, Enron executives were throwing their weight around and trying to dictate who could be involved on their engagement. Specifically, they didn’t want Carl Bass to work on their account because he fought for the proper accounting treatment of items, not the creative ways that Enron used to enhance their financial statements.

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