SOC Tip #38

A thorough and comprehensive SOC report should contain a mix of sampling, re-performance, inquiry, and observation testing procedures. A SOC report containing only observation and inquiry testing procedures will likely overlook control deficiencies and may not satisfy client auditors.

Overview: Buy-Side Due Diligence

For years, buy-side due diligence has been an important step during any merger or acquisition (M&A) process, mainly because it helps a prospective owner gain a complete picture of the transaction.

A Closer Look: Deductibility of Intangible Drilling Costs

As the phrase implies, intangible drilling costs (IDC) include the expenses of designing, fabricating, preparing or drilling a well site prior to actual oil and gas production.

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