As financial leaders, CPAs are often tasked with managing organizational risk. In this respect, the supplier relationship can be a tricky one. It is often one of the more familiar and comfortable business relationships we have, yet it may also be the one that presents the most significant risk to our company. In this course, we will explore how to manage the supplier relationship from onboarding to termination. Through case studies and best practices, we will discuss how to continue being a good partner to our suppliers while also understanding where potential risks exist. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation, you will be able to...
- Identify requirements related to audit reporting when the requirements for reporting on key audit matter apply
- Recall core concepts fundamental to determining and documenting independence
- Recognize supplemental requirements imposed by the 2024 Yellow Book during the performance of a financial statement audit
- Recall significant changes made by the 20248 version of Government Auditing Standards
- Recognize the impact of the Quality Management Standards to a financial statement audit conducted under the 2024 Revision to Government Auditing Standards
Major Topics
The major topics that will be covered in this course include:
- Why do local jurisdictions (e.g., states) need more tax revenue?
- The creative new methods to raise taxes:
- Including new taxes, rates, limits, exceptions, boundaries, etc.
- Exporting the tax burden.
- Employee vs independent contractors.
- Mobile workforce issues.
- The myriad, novel schemes to tax.
- Fees and licensing matters.
- Leading SALT software providers.
- Common implementation problems.
- States' expectations that technology makes compliance simple for the taxpayer.
- Do the costs of compliance outstrip the taxes due?
- Officer liability for taxes – it is a real thing!
- How variable is SALT taxation?
- Examples of the differences.
- Entity classification considerations in the SALT equation.
- Variability by state and each county within each state.
- The benefit/necessity of an annual review.
- Risk reduction strategies.
