Gain a deeper understanding of tax internal controls and the existing external environmental factors impacting them.
The tax world is evolving at a more rapid pace than ever, from a technical perspective from a technological perspective, and from a risk perspective. As a result, Tax departments are faced with an ever-changing landscape of issues to deal with and are often left with an inadequate amount of time, or an appropriate process, to identify areas of increasing tax internal control risk. Before you can begin to understand and address these areas of risk, it is important to have a deeper understanding of the internal and external environment that is creating risk and complexity while at the same time being armed with the ability to identify and remediate any gaps with your current environment. This material will arm you with a deeper understanding of tax internal controls and the existing external environmental factors impacting them. Additionally, you will be able to leverage some of the learnings and tools provided, which will allow you to better manage and address this complex area of internal control risk from a tax perspective
Learning Objectives
- You will be able to differentiate between Tax Control Risks.
- You will be able to recognize current research and survey data related to Tax Departments.
- You will be able to differentiate between the multiple levels of Tax Department Maturity.
- You will be able to identify the best way to prevent material weaknesses.
Agenda
Introduction - Complex World of Tax Internal Controls
Tax Internal Control Risk - What Is It?
- Technical Risk
- Process Risk
- People Risk
The External Environment
- The Rapidly Changing External Environment
- Third-Party Audit Firms
- PCAOB Focus Areas
- Documentation Requirements
Design of Tax Internal Control Environment
- Risk Control Matrix (Rcm)
- Process Flows and Narratives
- Key and Non-Key Controls Defined
- Change to Control Environment
Assessing and Remediating Risk
- Tax Maturity Assessment
- Gap Analysis
- Prioritizing Risk
- Automation/Optimization
Speakers
John P. Bennecke,
True Partners Consulting- Regional managing director and national service line leader of True Partners Consulting
- Leads the Tax Process and Control Advisory Services Team (nationally) and Federal Tax practice in Chicago; in addition to his leadership responsibilities he manages tax compliance and consulting for large and mid-size multinational corporate entities, comprised of both public companies and privately held organizations; in this role he provides services in the following specialty serve offerings; Accounting for Income Taxes (ASC740), Tax Provision and Compliance Automation, and Tax Internal Controls Design, Testing, Implementation and Remediation; he also serves on the firm’s accounting periods and methods team, and is actively involved in the Firms federal training
- Frequently sought-after speaker; he has most recently spoken for Bloomberg/BNA, Institute for Professional in Taxation (IPT), The Chicago Tax Club, and previously for the American Institute of Certified Public Accountants, the American Accounting Association, the Institute for Professionals in Taxation, Tax Executives Institute Thomson Synergy National Users Conference, and Corptax Annual Users Conference
- Before joining True Partners, he was a senior manager with the lead tax services practice of Deloitte Tax, LLP in Chicago; his 25+ years of experience encompasses both public accounting and industry
- Belongs to The City Club of Chicago, the Chicago Tax Club, the American Institute of Certified Public Accountants’ tax section (former), and the National Association of Tax Practitioners
- Has served on the Board of Directors and is the chair of the revenue development committee of Cara, a nationally recognized Chicago based not-for-profit which provides job placement and educational training for Chicago’s homeless and adults in transition; he also is on the Boards of Clean Slate and 180 Properties
- B.S. degree, DePaul University; Masters of Jurisprudence in Business Law, Loyola University’s law school and Northwestern University, Kellogg School of Management
