News & Analysis as of

Audits

Goodwin

California’s New Privacy and Cybersecurity Regulations on Risk Assessments, Automated Decision making and Cybersecurity Audits:...

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During a Board Meeting on July 24, 2025, the California Privacy Protection Agency (CPPA) unanimously approved the long-awaited final text of its second rulemaking package, implementing a broad swath of new requirements...more

Parker Poe Adams & Bernstein LLP

Department of Labor Launches New and Expanded Self-Audit Programs Related to Labor Law Compliance

On July 24, the U.S. Department of Labor (DOL) announced several self-audit and voluntary compliance programs across six of its agencies aimed at what the agency describes as helping employers, unions, and benefit plan...more

Wilson Sonsini Goodrich & Rosati

CPPA Approves New CCPA Regulations on AI, Cybersecurity, and Risk Governance, and Advances Updated Data Broker Regulations

On July 24, 2025, the California Privacy Protection Agency (CPPA) Board voted to approve a long-awaited rulemaking package imposing substantial new compliance obligations on businesses subject to the California Consumer...more

Wyrick Robbins Yates & Ponton LLP

California’s New CCPA Cybersecurity Audit Regulations: A Roadmap to “Reasonable” Security?

Last week, the California Privacy Protection Agency (“Agency”) approved adoption of detailed new regulations under the CCPA that will include (among other notable components) a rule requiring annual cybersecurity audits for...more

Holland & Knight LLP

IRS Releases Guidelines for Speeding Up Audits of Large Businesses

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The IRS has issued new guidance to its Large Business and International Division (LB&I) in an attempt to expedite audits. The interim guidance, released on July 23, 2025, outlines procedural changes that will further...more

Morgan Lewis

Evolving Transfer Pricing Controversy: Divergent Paths in the United States and Ireland

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Transfer pricing enforcement is undergoing significant changes in both the United States and Ireland, with the two jurisdictions actively moving in different directions. While the United States is experiencing internal...more

Eversheds Sutherland (US) LLP

IRS issues interim guidance to streamline LB&I audit procedures and promote alternative settlement programs

On July 25, 2025, the IRS Large Business & International (LB&I) Division published an Interim Guidance Memorandum (Control Number: LB&I-04-0725-0008) implementing changes for LB&I audit procedures, which take effect August 1,...more

Mayer Brown

Changes to IRS Examinations of Large Corporate Taxpayers: A Sea Change or Whistling in the Wind?

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On July 23, 2025, the IRS issued guidance on audits of large corporate taxpayers. This guidance falls squarely in line with previous IRS statements at conferences, as well as its prior guidance about making examinations more...more

White & Case LLP

Goodbye to the IRS AOF Information Document Request

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On July 23, 2025, the Internal Revenue Service ("IRS") issued interim guidance announcing changes to the Large Business & International Division ("LB&I") audit procedures (see the IRS's memorandum, here). The changes aim to...more

Fox Rothschild LLP

IRS Leadership Turmoil Continues With Appointment of Yet Another Acting Chief Counsel While Chief of Appeals Announces Retirement

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The Internal Revenue Service continues to experience significant leadership transition during a period of ongoing internal upheaval and uncertainty. The latest developments are the appointment of Kenneth Kies as the new...more

NAVEX

The 5-Step Compliance Risk Management Process: A No-Nonsense Guide

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Your risk and compliance functions are probably costing you more than they should. Not just in budget, but in drag. When your functions are siloed, they create redundant work, blind spots and a bad habit of reactivity that...more

Seyfarth Shaw LLP

PAID Back: DOL Revives Voluntary Self-Audit Program

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The U.S. Department of Labor has officially revived its Payroll Audit Independent Determination (PAID) program. Designed to help employers proactively resolve FLSA issues—and now, for the first time, certain FMLA...more

Ballard Spahr LLP

U.S. Department of Labor Self-Audit PAID Program Returns, Allowing Employers to Identify and Resolve FLSA and FMLA Violations

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The U.S. Department of Labor (DOL) announced several self-audit programs to assist employers, unions, and benefit plan officials with voluntarily assessing and correcting their compliance with federal labor laws. One of those...more

Shook, Hardy & Bacon L.L.P.

California Adopts Regulations on Cybersecurity Audits

California has approved new regulations requiring some companies to conduct annual audits of their cybersecurity programs, including the policies, procedures, and practices for protecting personal information. On July 24,...more

Fenwick & West LLP

IRS Memo Directs Agents to Speed Up Audits

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A recent memo from the IRS's Large Business and International (LB&I) Division indicates an intention to resolve audits efficiently and provide taxpayers with opportunities to quickly settle and resolve issues....more

Orrick, Herrington & Sutcliffe LLP

Who Is Accountable for AI?

Orrick’s John Bautista sat down with Rune Kvist, founder and CEO of Artificial Intelligence Underwriting Company, to explore accountability in AI and how creating auditable standards and insurance products could unlock...more

Blake, Cassels & Graydon LLP

From Paper to Portal: Is Your Business Ready for the CRA’s Digital-by-Default Mail System?

The Canada Revenue Agency (CRA) has taken a significant step into the digital age by making online mail delivered through the My Business Account portal the default method for most business-related communications. This...more

Littler

DOL Brings Back Payroll Audit Independent Determination (PAID) Program

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The U.S. Department of Labor (DOL) announced on July 24, 2025, the return of its Payroll Audit Independent Determination (PAID) program. The program was initially launched in April 2018 to facilitate early resolution of Fair...more

Rivkin Radler LLP

Drop & Swap Like-Kind Exchange Passes Muster in New York

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New York’s personal income tax law, like that of other states, conforms with the federal system of income taxation. The reason typically given for such conformity is to simplify tax return preparation, improve compliance and...more

Oberheiden P.C.

5 Key Considerations for Defending Against Low Income Housing Tax Credit (LIHTC) Fraud Allegations

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Over its nearly 40-year history, the federal low income housing tax credit (LIHTC) program has been both a success story and a target for various forms of fraud. The LIHTC program has been credited with facilitating the...more

WilmerHale

2024 CMS Audit and Enforcement Report

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On July 15, 2025, the Centers for Medicare & Medicaid Services (CMS) released an Audit and Enforcement Report summarizing its annual Medicare Advantage (Part C) and Prescription Drug (Part D) program audits and enforcement...more

Fox Rothschild LLP

IRS Increased Audits Of High-Income Individuals During FY2024, But Future Of Initiative Under New Administration Is Doubtful

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A recent report from the Treasury Inspector General for Tax Administration (TIGTA) found that the Internal Revenue Service increased audits of high-income taxpayers during fiscal year 2024, in line with a 2022 Treasury...more

Clark Hill PLC

What the SBA’s 8(a) program audit means for small businesses

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SBA Administrator Kelly Loeffler recently announced a comprehensive audit of the 8(a) Business Development (BD) program. While the full scope and implications are still unfolding, it’s crucial for participants, applicants,...more

Husch Blackwell LLP

OIG Announces 2025 Work Plan Review: What Clinical Laboratories Need to Know About Medicare Payments for Diagnostic Lab Tests

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In June 2025, the U.S. Department of Health and Human Services Office of Inspector General (OIG) announced a new item in its Work Plan: “Medicare Payments for Clinical Diagnostic Laboratory Tests in 2024.” This annual review,...more

Hogan Lovells

Reform of Mexico's Anti-Money Laundering Law: New measures to combat transactions with funds of illicit origin

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Changes to concepts including Compliance Officer and Controlling Beneficiary of the Federal Law for the Prevention and Identification of Operations with Illicit Resources (by its acronym in Spanish – LFPIORPI) also known as...more

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