The Tax & Accounting business of Thomson Reuters announced today that it has successfully completed SSAE16 Type 2 and ISAE 3402 examinations for its ONESOURCE Indirect Tax research and content subscriptions services, and its VAT compliance process. Conducted by an independent CPA firm, the exams are used to establish that a service provider has effective controls over a particular process.
“Our tax research covers the over 14,000 taxing jurisdictions that create thousands of changes to the tax code a year,” said Carla Yrjanson, vice president of tax research and content at Thomson Reuters. “We voluntarily undergo these exams to assure our customers that we have effective controls in place over how we gather, research and review the critical tax data and forms they rely on to achieve transaction tax compliance.”
This is the fifth consecutive year that Thomson Reuters has underwent the SSAE 16 examination process (note SSAE 16 superseded the SAS 70 audit standard in mid-2011), and the first for ISAE 3402, which is the internationally recognized standard.
“With global governments increasing their reliance on indirect taxes to shore up deficits, and with an expanding global customer base, it was a natural next step for us to abide by international standards as well,” added Yrjanson.
ONESOURCE Indirect Tax delivers initial tax determination and calculation to final compliance reporting. A team of highly skilled CPAs and legal experts ensure the software includes the most current and widest coverage of global tax rates, rules and requirements.
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