Be prepared for an agency audit and understand the techniques that can help create a positive relationship with the auditor or investigator.
It is a fact of life that if you are in business long enough, you will be audited by one or more federal or state agencies that have an interest in assessing your compliance with the laws that apply to the business by random or targeted audit. Agencies may conduct an investigation into a suspected event of non-compliance with the law, open an audit in response to a "whistleblower" complaint, or open an investigation or audit in response to a triggering event. Regardless of what type of audit or investigation is noticed, the business' initial response, its ability to quickly respond to information requests, and the business' executives' attitudes and behaviors during the audit or investigation have a material impact on how the audit or investigation proceeds. The presence or absence of apparent internal controls of business operations in the areas of accounting, finance, payroll, and benefit plan administration drastically impacts the orientation of the agent or officer who is conducting the audit or investigation. A business' ability to show internal controls over finance, accounting, payroll and benefits systems, and an orientation toward compliance may prevent the audit from being expanded into additional issues or time periods, or prevent one agency from sharing negative information with another agency with investigatory authority--expanding the scope of the audit. The goals of this program are to provide attendees with information that will help them be ready for an agency audit of their business; to understand the techniques that can help create a positive relationship with the auditor or investigator assigned to the matter; to be acquainted with audit and investigation procedures of various agencies, and; to help them understand the procedures for contesting or appealing adverse agency determinations. Attendees of the program will learn about developing and maintaining company controls and strategies for limiting audits and investigations when they occur. Finally, attendees will come away from the program with a better understanding of why agencies audit, and what the agents conducting the audit are trying to accomplish during their investigations. This information is critical if any business executive desires to close and audit or resolve an investigation in a manner that is positive for the company.
Learning Objectives
- You will be able to differentiate between which agencies prepare what type of audits or investigations
- You will be able to identify various types of penalties and statute of limitations
- You will be able to identify various correction programs
- You will be able to identify audit protocols
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Foundational Matters
- Types of Tax and Benefit Audits (Independent, Internal, Agency)
- Agency Audits Versus Investigations
- Scope of Audits and Statutes of Limitation
- The Duties and Responsibilities of the Independent Financial Auditor
Internal Controls-Why They Matter
- The Concept of Internal Controls
- Evidence of Internal Controls
- Consequences When Internal Controls Are Lacking
- Strategies for Building Internal Controls Into Company Business Operations
- Independent Financial Audits-Management Response and Corrections of Errors
Agency Jurisdiction and Memorandums of Understanding
- The Internal Revenue Service
- State Taxing Authorities
- Department of Labor
- State Insurance Departments
Audit Protocols-a View From the Agency Perspective
- Notice of Audit or Investigation
- Interviews of Company Personnel
- Requests for Information and Documents
- Proposed Findings or Determinations
- Agreed/Disagree Opportunities and Appeals
- Closing Statement
Strategies for Positive Outcomes
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on September 13, 2022.
Call 1-866-352-9540 for further credit information.
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
- AK CLE 1.5
- Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.7
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.7 hours credit.
- AR CLE 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.5
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- CT CLE 1.5
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
- GA CLE 1.5
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
- MO CLE 2.0
- This course qualifies for self-study CLE credit in Missouri.
- ND CLE 1.75
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.75 hours of CLE credit.
- NH MCLE 1.7
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 99 Minutes.
- NM CLE 1.6
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.6 hours of credit.
- NV CLE 1.5
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
- RI CLE 2.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
CPE/NASBA - QAS Self Study 2.8 including Management Services 2.8
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Management Services for 2.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Kathleen R. Barrow
Fox Rothschild LLP
- Partner at Fox Rothschild LLP
- Has nearly three decades of experience helping employers correct tax and fiduciary issues with payroll, executive compensation and employee benefits
- Her national practice includes strategic assistance with ERISA matters, compliance programs, and corrections of documentation and operational errors
- Has a keen understanding of how and when to work with state and federal agencies, which contributes to her successful resolutions of tax issues with the U.S. Treasury and state and local tax authorities
- Even with matters that involve millions of dollars in payroll and income taxes, her focus is to find solutions that mitigate burdens on impacted employees and avoid requirements to amend their personal tax returns
- Clients include employers across a range of industries, nonprofit organizations, health care providers and school districts
- Has handled cases that involve the U.S. Treasury Office of Tax Policy; the Department of Labor, Employee Benefit Security Administration; massive payroll corrections involving thousands of employees; and has led representation before the U.S. Tax Court, various U.S. District Courts and Courts of Appeals throughout the country
- J.D. degree, with honors, University of Oklahoma College of Law; B.S. degree, with high honors, Nazareth College; M.B.A. degree, with high honors, Oklahoma City University
- Can be reached at [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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