Multistate Audit Best Audit Practices

Multistate Audit Best Audit Practices Prepared by: MSA Best Audit Practices Technical Advisory Team January, 2004 MULTISTATE AUDIT BEST AUDIT PRACTICES TABLE OF CONTENTS Introduction…………………………………………………………….…......Page 3 Opening Conference…………………………….………………………….....Page 4 Audit Plan………………………………………………………………….....Page 12 Status Conferences………………………….…….……………………….....Page 17 Information Document Requests…………………………………………....Page 19 Audit Issue Presentation Sheets……………………………………….….....Page 24 Position Letter……………………………………………………………......Page 29 Closing Conference……………..………………………………….………...Page 33 Exhibits: Exhibit A Resources For Planning Opening Conference….……………...Page 37 Exhibit B Resources For Developing Audit Plan………………………….Page 38 Exhibit C Example Of Team Audit Plan……………………………….….Page 39 Exhibit D Resources For Preparing For Status Conferences…………….Page 49 Exhibit E Resources For Developing Information Document Requests…Page 50 Exhibit F Resources For Developing Audit Issue Presentation Sheets..…Page 51 Exhibit G Resources For Planning Closing Conferences…………….…...Page 52 Exhibit H Resources For Developing A Position Letter..….………...……Page 53 2MULTISTATE AUDIT BEST AUDIT PRACTICES INTRODUCTION PURPOSE OF AN AUDIT The purpose of an audit is to effectively and efficiently determine the correct amount of tax based on an analysis of relevant tax statutes, regulations and case law as ...