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Understanding Complex Internal Control Issues

Gain a deeper understanding of tax internal controls and the existing external environmental factors impacting them.

Tax departments are faced with an ever-changing landscape of technical 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 which 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 controls risk from a tax perspective.

96 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction - Complex World of Tax Internal Controls

Tax Internal Control Risk - What Is It?

  • Technical Risk
  • Process Risk
  • People Risk

The 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
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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on April 20, 2021.

Call 1-866-352-9540 for further credit information.

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

John P. Bennecke

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
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408366
Published 2021
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