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Forbes
17-07-2025
- Business
- Forbes
Seeking Corporate Tax Insights? Check Out The Expanded Audit Report
Audit business concept. As the onset of the new tax accounting reporting standard approaches, external stakeholders are anticipating getting new insights into corporations' tax planning activities. However, what all external stakeholders may not be aware of is that there is another new rich source of information that may provide fruitful insights. In this article, I discuss recent academic research that sheds light on the informativeness and usefulness of the expanded audit report when tax matters are being discussed. The New Expanded Audit Report In 2019, the PCAOB introduced requirements that external auditors must provide an expanded audit report. In this report, the auditor must report critical audit matters, the auditor's tenure, and other relevant information, according to the Harvard Law School Forum on Corporate Governance. The goal of these new requirements was to move beyond the traditional pass/fail and boilerplate style of audit report and transition into a scenario where auditors can provide more value by shedding additional light on their clients. Notably, the critical audit matters (or key audit matters, as referred to in the international community) that auditors disclose offer additional insights into the key risks that their clients face. For example, like Apple's 2019 Annual Report, their auditor, Ernst & Young, disclosed an entire paragraph about the uncertainty Apple is facing over a 12.9 billion euro multinational tax dispute. However, what many US investors and external stakeholders may not realize is that many members of the international business community have already been providing an expanded audit report. Starting in 2016, those countries under the guidance and regulation of the IAASB began providing very similar expanded audit reports. As data has been available longer for non-US companies, researchers have turned to these observations outside of the US to help shed light on the impacts of the expanded audit report. A Look At Tax Key Audit Matters Recent research in the Review of Accounting Studies explores the impacts of the expanded audit report. In a study titled 'The consequences of expanded audit reporting: implications of tax key audit matters for tax attribute valuation and auditor-provided tax services,' researchers examined key audit matters of a sample of 3,063 firm-year observations from 601 unique firms from the London Stock Exchange premium segment over the 2013 to 2019 time period. This article is co-authored by Dan Lynch of the University of Wisconsin–Madison, Aaron Mandell of the University of Wisconsin–Milwaukee, and Linette Rousseau of the University of Houston. Their study aims to investigate whether key audit matters affect investor or auditor outcomes. In discussing the key motivation for examining their research question, Lynch states, 'Regulators introduced expanded audit reporting to increase the usefulness of the audit report to investors by requiring the auditor to discuss the most challenging issues. However, Prior research generally finds that key audit matters do not influence investor perceptions of audited companies.' Lynch continues to state, 'We believed that examining tax key audit matters, a specific sub-topic related to material financial statement amounts that is important to regulators and investors and where auditors are permitted to provide certain non-audit services might yield more nuanced insights. Specifically, if investors perceive tax key audit matters negatively, then we believe managers would have an incentive to avoid having the auditor disclose these key audit matters and one way to do so would be by purchasing more tax services from their auditor.' The study finds, in fact, that tax key audit matters influence investor and audit outcomes. Mandell specifically highlights, 'We find that tax key audit matters attenuate the positive valuation investors place on the tax avoidance and deferred tax assets of firms. In most cases, investors no longer place a positive valuation on these tax attributes.' Thus, these findings have significant implications for the capital markets. Perhaps, even more striking were the second set of analyses related to auditor-provided tax services. 'The biggest surprise was probably that firms increase their purchases of tax services from auditors to avoid tax key audit matters, which potentially represents a threat to auditor independence,' states Rousseau. She continues, 'We find that firms that receive a tax key audit matter reduce tax services purchased from their auditor by about 32% or $63,000. We find that firms that stop receiving tax key audit matters increase the purchase of tax services from their auditor in the year following this resolution by 104% or about $208,000.' Consequently, there is evidence that clients recognize the value of not having a tax key audit matter, and this notion is seen as a transactional opportunity to work with their external auditor. Lynch concludes, 'It would be interesting to see if these results generalize to the U.S. expanded audit report setting and to other common critical/key audit matters topics.' Thus, even though this research examined an international setting, it is possible that the results may also apply to the US setting. Importantly, as US firms prepare to provide more tax insights through their new tax disclosure requirements under Accounting Standards Update 2023-09, it is essential to remember that numerous other sources may provide fruitful and valuable information, such as the expanded auditor report.
Edmonton Journal
11-07-2025
- Entertainment
- Edmonton Journal
Review: Legally Blonde at the Citadel a light, fun summer refresher
Article content The summer colour palette for Edmonton could be safely described as a mixture of river-valley green and sky blue that goes on forever. Well, add a splash of bright pink as Legally Blonde debuts at the Citadel, running until Aug. 3 on the Shoctor stage. Article content The set, costumes and even the lobby have been kitted out in the appealing and girly shade favoured by the musical's central character, Elle Woods (former Calgarian Kelsey Verzotti). Audience members on opening night were resplendent in fuchsia, hot pink, baby pink and also sequins. It was quite a party. Article content Article content For those who haven't followed the career of Reese Witherspoon with the same passionate intensity as me, Legally Blonde (based on the book by Amanda Brown) was her 2001 breakout hit. In 2007, the movie was turned into a Broadway musical and in 2008, that musical began touring the world, where it remains on seemingly permanent rotation. Article content Article content It's easy to see why. Legally Blonde is an epic celebration of girl power driven by a largely forgettable string of same-sounding songs and a more than memorable selection of energetic dance routines. Verzotti brings excellent pipes and a spunky spirit to the lead role of Elle, who is famously dumped by boyfriend Warner Huntington III (Kaden Brett Forsberg) when he gets into Harvard Law School. Warner needs a more serious girlfriend. Elle — as smart as she is blonde — applies to Harvard Law School to win him back. Spoiler alert: she not only gets in, but ends up top of her class. Article content Article content There isn't much to the plot of Legally Blonde, which has been updated with contemporary references from Timothée Chalamet to Instagram, and things threaten to get dull in the first act despite the cheer squad that shows up to help Elle with her admission essay. We are relieved when Elle's sorority sisters Margo (Maya Baker), Serena (a zippy April Cook) and Pilar (Jessica Jones) arrive with regularity to add fat dollops of sassy to the script. They are particularly winsome as members of a Greek chorus that serve to boost Elle's spirits, provide guidance and generally dance their tails off. Article content Article content About that dancing. OMG guys — the fist-pumping choreography in this production by director Stephanie Graham is mesmerizing. Graham, one of the most in-demand directors in Canada, also demonstrates an effervescent touch when it comes to deftly highlighting pieces of physical comedy in the show. Gunho Kwak (who plays a hunky UPS driver in short shorts among other funny bits) is also a highlight in Legally Blonde, as is Sarah Horsman, who plays Brooke Wyndham — a fitness instructor framed for the murder of her husband. Horsman demonstrates amazing physical prowess, skipping rope while belting out an inspirational version of Whipped Into Shape in the show's second act. Just writing about it makes me winded.
Vancouver Sun
11-07-2025
- Entertainment
- Vancouver Sun
Review: Legally Blonde at the Citadel a light, fun summer refresher
The summer colour palette for Edmonton could be safely described as a mixture of river-valley green and sky blue that goes on forever. Well, add a splash of bright pink as Legally Blonde debuts at the Citadel, running until Aug. 3 on the Shoctor stage. The set, costumes and even the lobby have been kitted out in the appealing and girly shade favoured by the musical's central character, Elle Woods (former Calgarian Kelsey Verzotti). Audience members on opening night were resplendent in fuchsia, hot pink, baby pink and also sequins. It was quite a party. For those who haven't followed the career of Reese Witherspoon with the same passionate intensity as me, Legally Blonde (based on the book by Amanda Brown) was her 2001 breakout hit. In 2007, the movie was turned into a Broadway musical and in 2008, that musical began touring the world, where it remains on seemingly permanent rotation. Get top headlines and gossip from the world of celebrity and entertainment. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sun Spots will soon be in your inbox. Please try again Interested in more newsletters? Browse here. It's easy to see why. Legally Blonde is an epic celebration of girl power driven by a largely forgettable string of same-sounding songs and a more than memorable selection of energetic dance routines. Verzotti brings excellent pipes and a spunky spirit to the lead role of Elle, who is famously dumped by boyfriend Warner Huntington III (Kaden Brett Forsberg) when he gets into Harvard Law School. Warner needs a more serious girlfriend. Elle — as smart as she is blonde — applies to Harvard Law School to win him back. Spoiler alert: she not only gets in, but ends up top of her class. There isn't much to the plot of Legally Blonde, which has been updated with contemporary references from Timothée Chalamet to Instagram, and things threaten to get dull in the first act despite the cheer squad that shows up to help Elle with her admission essay. We are relieved when Elle's sorority sisters Margo (Maya Baker), Serena (a zippy April Cook) and Pilar (Jessica Jones) arrive with regularity to add fat dollops of sassy to the script. They are particularly winsome as members of a Greek chorus that serve to boost Elle's spirits, provide guidance and generally dance their tails off. About that dancing. OMG guys — the fist-pumping choreography in this production by director Stephanie Graham is mesmerizing. Graham, one of the most in-demand directors in Canada, also demonstrates an effervescent touch when it comes to deftly highlighting pieces of physical comedy in the show. Gunho Kwak (who plays a hunky UPS driver in short shorts among other funny bits) is also a highlight in Legally Blonde, as is Sarah Horsman , who plays Brooke Wyndham — a fitness instructor framed for the murder of her husband. Horsman demonstrates amazing physical prowess, skipping rope while belting out an inspirational version of Whipped Into Shape in the show's second act. Just writing about it makes me winded. A co-production with Theatre Calgary, Legally Blonde is anchored by a talented cast of 15 actors from Calgary, Edmonton, and beyond. Local talent John Ullyatt once again displays his flexibility as a theatre professional. He's cutting as Professor Callahan — the law prof who first underestimates Elle and then comes on to her when she becomes one of his interns — and hilarious as Elle's indulgent daddy (who also underestimates his daughter). Patricia Zentilli displays endearing charm as the hairdresser Paulette and also proves why she remains a triple threat in musical theatre, adding Irish dancing to her playful skill set. Edmonton's Beyata Hackborn (set designer) is teamed with Calgary's Rebecca Toon (the Emmy-nominated costume designer) for a nicely balanced approach to the Battle of Alberta. Legally Blonde is a big hit with audiences for all the right reasons. It's light, it's fun, it has two dogs in the cast. The musical also unpacks a powerful message in scene after scene. Lead with kindness. Keep connected to your girlfriends. And never underestimate the potential of a perm. It could change your whole life. Theatre: The Citadel, in partnership with Theatre Calgary Music and Lyrics: Laurence O'Keefe and Nell Benjamin, book by Heather Hach Director: Stephanie Graham Where: The Citadel, 9828 101 A Ave., until Aug. 3 Tickets: From $40 by calling the box office at 780-425-1820 or online Bookmark our website and support our journalism: Don't miss the news you need to know — add and to your bookmarks and sign up for our newsletters here. You can also support our journalism by becoming a digital subscriber. Subscribers gain unlimited access to The Edmonton Journal, Edmonton Sun, National Post and 13 other Canadian news sites. Support us by subscribing today: The Edmonton Journal | The Edmonton Sun.
Calgary Herald
11-07-2025
- Entertainment
- Calgary Herald
Review: Legally Blonde at the Citadel a light, fun summer refresher
Article content The summer colour palette for Edmonton could be safely described as a mixture of river-valley green and sky blue that goes on forever. Well, add a splash of bright pink as Legally Blonde debuts at the Citadel, running until Aug. 3 on the Shoctor stage. Article content The set, costumes and even the lobby have been kitted out in the appealing and girly shade favoured by the musical's central character, Elle Woods (former Calgarian Kelsey Verzotti). Audience members on opening night were resplendent in fuchsia, hot pink, baby pink and also sequins. It was quite a party. Article content Article content For those who haven't followed the career of Reese Witherspoon with the same passionate intensity as me, Legally Blonde (based on the book by Amanda Brown) was her 2001 breakout hit. In 2007, the movie was turned into a Broadway musical and in 2008, that musical began touring the world, where it remains on seemingly permanent rotation. Article content Article content It's easy to see why. Legally Blonde is an epic celebration of girl power driven by a largely forgettable string of same-sounding songs and a more than memorable selection of energetic dance routines. Verzotti brings excellent pipes and a spunky spirit to the lead role of Elle, who is famously dumped by boyfriend Warner Huntington III (Kaden Brett Forsberg) when he gets into Harvard Law School. Warner needs a more serious girlfriend. Elle — as smart as she is blonde — applies to Harvard Law School to win him back. Spoiler alert: she not only gets in, but ends up top of her class. Article content There isn't much to the plot of Legally Blonde, which has been updated with contemporary references from Timothée Chalamet to Instagram, and things threaten to get dull in the first act despite the cheer squad that shows up to help Elle with her admission essay. We are relieved when Elle's sorority sisters Margo (Maya Baker), Serena (a zippy April Cook) and Pilar (Jessica Jones) arrive with regularity to add fat dollops of sassy to the script. They are particularly winsome as members of a Greek chorus that serve to boost Elle's spirits, provide guidance and generally dance their tails off. Article content Article content About that dancing. OMG guys — the fist-pumping choreography in this production by director Stephanie Graham is mesmerizing. Graham, one of the most in-demand directors in Canada, also demonstrates an effervescent touch when it comes to deftly highlighting pieces of physical comedy in the show. Gunho Kwak (who plays a hunky UPS driver in short shorts among other funny bits) is also a highlight in Legally Blonde, as is Sarah Horsman, who plays Brooke Wyndham — a fitness instructor framed for the murder of her husband. Horsman demonstrates amazing physical prowess, skipping rope while belting out an inspirational version of Whipped Into Shape in the show's second act. Just writing about it makes me winded.
The Advertiser
08-07-2025
- The Advertiser
Delays for rideshare driver accused of fatal hit-run
More than a year after the death of a young lawyer run over in the early hours of a weekend morning, the man allegedly responsible has yet to enter pleas. Police allege Zisi Kokotatsios, 65, was illegally using his phone while driving through Tamarama in Sydney's east to collect a passenger about 4am on March 17, 2024. He is accused of running over 28-year-old lawyer Mitch East - who had been on the road - and failing to stop to help. Emergency services were called and attempted to revive Mr East but he was pronounced dead at the scene. Kokotatsios was later charged with failing to stop and assist after a vehicle impact causing death, dangerous driving occasioning death, negligent driving occasioning death and driving while using a mobile phone. He has not yet entered pleas to the charges, which have been before the courts for more than a year. The 65 year old faced Central Local Court on Tuesday, when his matter was adjourned for a case conference later in July. Kokotatsios remained silent as he walked out of the courthouse flanked by his lawyer. He has been on bail under strict conditions to report to police daily and not approach any international point of departure. His alleged victim Mr East graduated from Harvard Law School in 2022, according to his LinkedIn profile. At the time of his death, he worked at Sydney law firm Arnold Bloch Leibler after beginning his legal career in his native New Zealand. An email to the firm's staff following his death described Mr East as a highly talented lawyer, and a popular and valued member of the firm, whose loss would be deeply felt. More than a year after the death of a young lawyer run over in the early hours of a weekend morning, the man allegedly responsible has yet to enter pleas. Police allege Zisi Kokotatsios, 65, was illegally using his phone while driving through Tamarama in Sydney's east to collect a passenger about 4am on March 17, 2024. He is accused of running over 28-year-old lawyer Mitch East - who had been on the road - and failing to stop to help. Emergency services were called and attempted to revive Mr East but he was pronounced dead at the scene. Kokotatsios was later charged with failing to stop and assist after a vehicle impact causing death, dangerous driving occasioning death, negligent driving occasioning death and driving while using a mobile phone. He has not yet entered pleas to the charges, which have been before the courts for more than a year. The 65 year old faced Central Local Court on Tuesday, when his matter was adjourned for a case conference later in July. Kokotatsios remained silent as he walked out of the courthouse flanked by his lawyer. He has been on bail under strict conditions to report to police daily and not approach any international point of departure. His alleged victim Mr East graduated from Harvard Law School in 2022, according to his LinkedIn profile. At the time of his death, he worked at Sydney law firm Arnold Bloch Leibler after beginning his legal career in his native New Zealand. An email to the firm's staff following his death described Mr East as a highly talented lawyer, and a popular and valued member of the firm, whose loss would be deeply felt. More than a year after the death of a young lawyer run over in the early hours of a weekend morning, the man allegedly responsible has yet to enter pleas. Police allege Zisi Kokotatsios, 65, was illegally using his phone while driving through Tamarama in Sydney's east to collect a passenger about 4am on March 17, 2024. He is accused of running over 28-year-old lawyer Mitch East - who had been on the road - and failing to stop to help. Emergency services were called and attempted to revive Mr East but he was pronounced dead at the scene. Kokotatsios was later charged with failing to stop and assist after a vehicle impact causing death, dangerous driving occasioning death, negligent driving occasioning death and driving while using a mobile phone. He has not yet entered pleas to the charges, which have been before the courts for more than a year. The 65 year old faced Central Local Court on Tuesday, when his matter was adjourned for a case conference later in July. Kokotatsios remained silent as he walked out of the courthouse flanked by his lawyer. He has been on bail under strict conditions to report to police daily and not approach any international point of departure. His alleged victim Mr East graduated from Harvard Law School in 2022, according to his LinkedIn profile. At the time of his death, he worked at Sydney law firm Arnold Bloch Leibler after beginning his legal career in his native New Zealand. An email to the firm's staff following his death described Mr East as a highly talented lawyer, and a popular and valued member of the firm, whose loss would be deeply felt. More than a year after the death of a young lawyer run over in the early hours of a weekend morning, the man allegedly responsible has yet to enter pleas. Police allege Zisi Kokotatsios, 65, was illegally using his phone while driving through Tamarama in Sydney's east to collect a passenger about 4am on March 17, 2024. He is accused of running over 28-year-old lawyer Mitch East - who had been on the road - and failing to stop to help. Emergency services were called and attempted to revive Mr East but he was pronounced dead at the scene. Kokotatsios was later charged with failing to stop and assist after a vehicle impact causing death, dangerous driving occasioning death, negligent driving occasioning death and driving while using a mobile phone. He has not yet entered pleas to the charges, which have been before the courts for more than a year. The 65 year old faced Central Local Court on Tuesday, when his matter was adjourned for a case conference later in July. Kokotatsios remained silent as he walked out of the courthouse flanked by his lawyer. He has been on bail under strict conditions to report to police daily and not approach any international point of departure. His alleged victim Mr East graduated from Harvard Law School in 2022, according to his LinkedIn profile. At the time of his death, he worked at Sydney law firm Arnold Bloch Leibler after beginning his legal career in his native New Zealand. An email to the firm's staff following his death described Mr East as a highly talented lawyer, and a popular and valued member of the firm, whose loss would be deeply felt.
