Audit, Tax & Advisory
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Knowledge Domains
Auditing Standards
GAAS, PCAOB, IAASB standards with real-time updates and cross-references.
Tax Regulations
IRC, Treasury regulations, IRS guidance, and state tax codes instantly accessible.
Advisory Frameworks
Valuation methods, due diligence guides, and consulting methodologies.
Firm Methodologies
Your proprietary audit programs, workpapers, and engagement templates.
Real-World Examples
What are the required procedures for testing revenue recognition under ASC 606?
Under ASC 606, revenue recognition testing requires: (1) Identify contracts with customers, (2) Identify performance obligations, (3) Determine transaction price, (4) Allocate price to obligations, (5) Recognize revenue when obligations satisfied. Key procedures include: contract review for variable consideration, testing of standalone selling prices, and evaluation of timing of revenue recognition. [Source: ASC 606-10-25, PCAOB AS 2501]
What's the current guidance on R&D tax credit documentation requirements?
IRC Section 41 R&D credit documentation requires: (1) Business component identification, (2) Four-part test evidence (permitted purpose, technological uncertainty, process of experimentation, technological in nature), (3) Qualified research expense substantiation, (4) Contemporaneous documentation preferred but not required. Recent IRS guidance emphasizes nexus between activities and claimed expenses. [Source: IRC §41, Treas. Reg. §1.41-4, IRS Notice 2024-12]
What's our standard approach for financial due diligence on M&A targets?
Standard FDD approach includes: (1) Quality of earnings analysis - normalize EBITDA for one-time items, (2) Working capital analysis - identify seasonality and trends, (3) Debt-like items review, (4) Management adjustments validation, (5) Carve-out considerations if applicable. Typical timeline: 3-4 weeks for mid-market deals. Key deliverable: QofE report with normalized earnings bridge. [Source: Firm FDD Methodology v4.2, M&A Practice Guide]
What are the documentation requirements for related party transactions?
Related party transaction documentation requires: (1) Identification of all related parties per ASC 850, (2) Understanding of business purpose, (3) Evaluation of terms vs. arm's length, (4) Disclosure completeness review, (5) Management representation letter coverage. Key procedures: inquiry of management, review of minutes, confirmation procedures, and disclosure checklist. [Source: ASC 850-10, PCAOB AS 2410, AU-C 550]
What's the treatment for GILTI inclusions for corporate taxpayers?
GILTI (Global Intangible Low-Taxed Income) treatment: (1) Compute tested income for each CFC, (2) Calculate net CFC tested income, (3) Determine GILTI inclusion (tested income minus NDTIR), (4) Apply Section 250 deduction (50% for 2024), (5) Compute foreign tax credit under Section 960. High-tax exclusion election available if effective rate exceeds 90% of US rate. [Source: IRC §951A, Treas. Reg. §1.951A-1 through -7]
What discount rates should we use for a mid-market manufacturing company DCF?
For mid-market manufacturing DCF: (1) Start with risk-free rate (current 10-yr Treasury ~4.2%), (2) Add equity risk premium (5.5-6.0% per Duff & Phelps), (3) Apply size premium for companies under $500M (3-6%), (4) Add company-specific risk (2-5% based on customer concentration, management depth), (5) Typical WACC range: 12-18% for mid-market manufacturing. Document all assumptions per ASC 820. [Source: Duff & Phelps Cost of Capital Navigator, ASC 820-10-35]
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