Tax Department Review
809.2 As discussed in Chapter 5,
tax considerations often are significant to CIRAs. In addition to the
detailed and supervisory review by audit personnel, CPA firms with
separate tax departments typically have the firm tax personnel review
tax aspects of the audit workpapers and financial statements, for
- those relating to whether the CIRA elects to be taxed under IRC Section 277 or IRC Section 528. See Chapter 5.
- The auditor should be sure to discuss with tax department personnel any
- knowledge they may have of matters that may affect the financial
- statements. The “Supervision, Review, and Approval Form” at HOA-CX-14 includes an optional step relating to tax department review.