Slumping Economy Means Increased Audit Activity and an Urgency To Prepare

Fuga, Don; Concitis, Tom
November 2008
Journal of State Taxation;Nov/Dec2008, Vol. 27 Issue 1, p19
Academic Journal
The article reports on the strategies that the U.S. government will implement to enhance its audit processes. It reveals that the economic crisis in the country challenges states to carry out audit assessments brought by the plan of the government to implement changes in taxation laws to address the market condition. Among the practices that need to be considered by audit professionals, include improving management of exemption certificates, implementing reverse audit, and employing a tax consultant who has the expertise in addressing tax issues.


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