Internal Revenue Code (IRC): The fundamental federal tax law that codifies various tax rules, regulations, and requirements for revenue reporting and taxation in the United States.
Generally Accepted Auditing Standards (GAAS): Professional standards set by the Auditing Standards Board of the AICPA for conducting audits of private companies, including revenue audits.
Generally Accepted Accounting Principles (GAAP): The standard framework of guidelines for financial accounting and reporting, essential for revenue recognition and reporting.
Sarbanes-Oxley Act of 2002 (SOX): Federal law that established enhanced standards for corporate accountability, including internal controls over financial reporting and revenue recognition.
Federal Tax Regulations: Treasury Regulations that provide detailed interpretations and applications of the Internal Revenue Code provisions related to revenue reporting.
IRS Revenue Procedures and Rulings: Official interpretations and guidance issued by the IRS regarding revenue-related matters and audit procedures.
SEC Regulations: Securities and Exchange Commission rules governing financial reporting and disclosure requirements for public companies.
PCAOB Standards: Public Company Accounting Oversight Board standards for auditing public companies, including specific requirements for revenue audits.
AICPA Guidelines: Professional standards and guidance issued by the American Institute of Certified Public Accountants for conducting audits and reviews.
Industry-Specific Revenue Recognition Rules: Specialized revenue recognition guidelines tailored to specific industries and their unique business models.
State Tax Laws: Various state-specific tax regulations and requirements that affect revenue reporting and auditing at the state level.
State Audit Requirements: Specific audit procedures and documentation requirements mandated by individual states for revenue verification.
Gramm-Leach-Bliley Act: Federal law requiring financial institutions to protect sensitive customer data during audit procedures and financial operations.
Record Retention Requirements: Federal and state mandates regarding the maintenance and preservation of financial records and audit documentation.
Documentation Standards: Professional requirements for maintaining proper audit documentation, working papers, and evidence supporting revenue audit conclusions.
