Tax Accounting ProcessesTime to go back to basics? |
Four years after Sarbanes-Oxley intensified the focus on internal controls, companies continue to report a significant number of tax-related material weaknesses. Improving the tax provision process requires a combined focus on, and investments in, people, processes and technology. Companies must assess their unique provision needs and plan improvements accordingly.
Many companies are taking a "back-to-basics" approach to improve the tax provision process and related internal controls. Companies are changing resource models, obtaining training, integrating processes and turning to automation in response to the additional requirements facing tax departments.
In a new report "Tax Accounting Processes: Time to Go Back to Basics?" Deloitte reviews the most common causes of tax material weaknesses and discusses steps organizations are taking to address them. Download the full report attached below.
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Tax accounting processes: Time to go back to basics?
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