Reduce Risk With Internal Controls

July 2020

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Why should companies care about tax internal controls? Because they are complex in nature, and with an evolving tax compliance landscape, regulators continue to find weaknesses. Without proper internal controls in place, companies may be susceptible to reporting errors, which can lead to reputational risk and financial burdens related to remediation. In addition to better preparation for the provision of income taxes, proper internal controls allow tax departments to focus on other areas, including driving revenue strategically.

Find out why companies should consider internal controls as a priority within the tax department in our four-part series.

 

Insights

  
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Three Ways to Reduce Income Tax Reporting Risk

Properly accounting for and disclosing income taxes under ASC 740 is increasingly important to mitigate a company’s risk of restatement, material weakness, and SEC comments.

  
 
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Four Reasons to Strengthen Income Tax Accounting Internal Controls

With the continued finding of material weaknesses, it is important for management to understand the overall burden those weaknesses place on their companies, and subsequent need to strengthen internal controls.

 
 
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Four Common Flaws Related to Income Tax Controls (And How to Prevent Them)

Companies with strained or limited in-house tax resources may not prioritize income tax accounting and reporting until it is too late.

 
 
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Five Reasons Private Companies Should Adopt Public Company Controls

The inherent benefits of a strong control environment may be of significant value to a private company, despite internal controls often being viewed as a “public company problem.”

 
 

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