For companies competing in international markets, conducting business in a manner that implicates international anti-corruption regulations such as the U.S. Foreign Corrupt Practices Act (FCPA) and the U.K. Bribery Act (UKBA) can result in forfeiture of “tainted” gross profits, exposing the company to substantial fines and penalties, and serious ramifications for responsible corporate officers and board members. Governments all over the world are concentrating their efforts to halt corruption, and the onus is now on the company to ensure compliance with international anti-corruption laws throughout its organization.
As one of the premier providers of compliance, risk, fraud and forensic services worldwide, UHY Advisors Forensic, Litigation & Valuation Services assist clients with establishing effective compliance functions designed to help prevent potential violations of anti-corruption laws before they lead to costly investigations. With offices throughout the world, member firms in the UHY International global network understand the diverse issues facing multi-national corporations and are dedicated to helping companies establish their business presence in many foreign and emerging markets. UHY International has the global reach to conduct investigations to quickly uncover and isolate potential violations that may occur from a rogue employee. Our anti-corruption services have been designed for our clients to receive value from the tight controls we apply to all engagements and from the utilization of multi-functional teams, with capabilities in five critical areas:
The Department of Treasury has announced for transactions occurring on and after Oct. 1, 2015, out-of-state retailers are required to remit sales or use tax on sales into Michigan if the seller has nexus under affiliate and click-through nexus requirements.
Retrospectively, reporting measurement period adjustments to amounts recognized in business combinations will soon be a thing of the past. Stakeholders shared that the cost outweighed the benefit and the Financial Accounting Standards Board (FASB) listened. On Friday, Sept. 28 the FASB issued Accounting Standards Update (ASU) No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustment, as part of its simplification initiative.
On Sept. 17, the House Ways and Means Committee passed a bill to make 50 percent bonus depreciation a permanent part of the tax code. The important capital investment incentive expired at the end of 2014. Prior to the August congressional recess, the Senate Finance Committee approved reinstating 50 percent bonus depreciation and increased Sec. 179 levels ($500,000 allowance and $2 million phase out) for two years (2015 - 2016).
While the external auditor has a responsibility to maintain objectivity and independence during an audit, the audit committee is also charged with several responsibilities. Overall, the audit committee must oversee the external auditor and the quality of the auditor's work. Specifically, only the audit committee can negotiate and agree upon audit fees, determine the scope of the audit work to be performed, and make recommendations and appointments of auditors.
The IRS has released finalized versions of two important tax forms that employers and all health insurance providers will need to file for the 2015 calendar year.