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December 13.2024
2 Minutes Read
Employers Get Ready: Surge in Form I-9 Audits with New Administration
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12.25.2025
How Modern Auditors Use AI to Transform Their Daily Work
Update Exploring the Modern Auditor's Routine with AIIn today's fast-paced financial landscape, modern auditors must adapt to technological advancements to stay efficient and effective. One of the most significant developments is the integration of artificial intelligence (AI) into auditing practices. As we follow Michael Jones, a seasoned auditor, through a typical day at work, we gain insight into how he leverages AI to revolutionize his auditing responsibilities.The Daily Orchestration of an AuditorFor Michael, a principal auditor with over three decades of experience, managing roughly 90 active assurance engagements isn't just about technical skill; it's a careful orchestration of multiple responsibilities. He coordinates teams, ensures compliance with evolving standards, conducts complex research, and oversees quality control. The challenge lies not only in managing these tasks effectively but also in maintaining high-quality outcomes.To tackle this, Michael applies intentional use of AI to streamline his workflow. Rather than extend his working hours or increase team size, AI assists him with the structured, repetitive tasks that often bog down an auditor's day. By implementing AI tools, he can concentrate on the elements that demand human judgment and oversight—essential aspects of quality audit work.AI: The First-Stop Research AssistantTechnical research is a cornerstone of auditing, often consuming a large portion of an auditor's time. Traditionally, auditors search for guidance through dense codifications and complex standards, a task that can take hours. However, AI provides a powerful solution to this issue. With AI tools, Michael can quickly access authoritative answers and documentation, slashing the time needed for research from hours to mere minutes. This efficiency is crucial as it allows him to focus on providing insights and comprehensive analysis, rather than getting lost in lengthy research processes.Quality Control Through AutomationIn addition to improving research efficiency, AI plays a vital role in quality control. Automated report reviews not only enhance accuracy but also preserve vital human judgment. Tools like natural language processing assist auditors in generating high-quality reports by suggesting improvements in language and structure, making the documentation process smoother.With AI at the forefront, the quality of audits improves significantly. For instance, it can scan entire datasets to identify trends and potential issues, which auditors might miss if looking at data manually. This capability enables auditors to react swiftly to discrepancies and ensures compliance with standards.The Importance of An AI EcosystemFor auditors like Michael, adopting AI is more than merely having tools at their disposal; it's about creating a supportive ecosystem where technology complements their expertise. This balance is essential as human judgment and understanding of complex accounting standards remain irreplaceable. A collaborative approach helps auditors stay agile in addressing evolving challenges while ensuring robust oversight.Future Trends in AuditingLooking ahead, the audit landscape promises to become even more integrated with technology. As AI's sophistication grows, auditors can anticipate a shift towards continuous monitoring of transactions and internal controls. This proactive approach ensures potential risks are identified and addressed as they arise, altering the traditional audit cycle into a more dynamic, ongoing process.As these advancements take place, forward-thinking auditors must embrace ongoing learning and adaptation to effectively wield AI's benefits in their day-to-day practices.Conclusion: Embracing ChangeThe evolution of auditing through AI not only enhances productivity but also improves the overall quality of audits performed. Auditors like Michael Jones exemplify how leveraging technology can transform traditional practices into a more effective and efficient workflow. While maintaining the human touch in auditing, adopting AI can pave the way for a more accurate and insightful audit process. This not only benefits individual firms but can also have a substantial impact on the wider financial landscape.
12.23.2025
Essential Strategies to Mitigate Tariff Volatility for Global Traders
Update The Evolving Landscape of Tariffs in 2025 In the past few years, the global trade environment has undergone powerful shifts, with tariffs emerging as a pivotal focus for businesses worldwide. According to industry surveys, a staggering 76% of trade professionals view the recently instituted tariffs by the U.S. as a long-term reality impacting global commerce, rather than a short-lived disruption. As these changes reshape operational landscapes, organizations must adapt swiftly and strategically to navigate this volatility. Changing Supply Chains: A Proactive Approach Many companies are responding to these tariff challenges by overhauling their supply chains. A significant 65% of surveyed trade professionals indicated that altering sourcing patterns is necessary. This isn't just about finding lower-cost suppliers; it involves strategically diversifying supplier networks across various countries and regions. By spreading out sourcing locations, businesses can minimize dependence on specific suppliers that may be adversely affected by tariff fluctuations. Strategies like nearshoring—bringing manufacturing closer to the target market—are gaining traction, with over 51% contemplating or executing such moves to safeguard themselves against rising tariffs. Enhancing Supplier Relationships: The Art of Negotiation In the face of tariff volatility, fostering strong partnerships is essential. With 57% of businesses planning to renegotiate supplier contracts, adapting agreements to current market realities is crucial. Businesses can consider flexible pricing models, bulk purchasing agreements, and defined tariff responsibilities to share the financial burden of fluctuations. These partnerships should be seen as collaborative, aiming for mutual benefits rather than one-sided gains. Leveraging Technology: An Essential Companion Investing in technology is another vital mitigation strategy. This not only includes enhancing data analytics for real-time pricing adjustments but also implementing systems that can quickly adapt to changing costs. Businesses that integrate technology into their supply chain decision-making processes are often more adept at managing tariff-related risks. Successful Inventory Management: Planning for Profitability Identifying optimal inventory levels is key to meeting tariff challenges. Preemptively stockpiling goods before new tariffs are instituted can save organizations significant costs. However, businesses must also assess their storage and handling capacities to avoid unnecessary excess. Techniques such as using bonded warehouses or Foreign Trade Zones can provide companies with necessary flexibility while delaying tariffs until the product is sold into commerce. Building Long-term Resilience As tariffs continue to fluctuate, companies must not only cope with changes but also seek to thrive. A multifaceted approach—combining supplier diversification, advanced negotiation strategies, technology investments, and robust inventory management—allows organizations to withstand the pressures of a volatile market. The insights gleaned from industry surveys underscore the urgency of taking action now to prepare for future uncertainty. Companies should familiarize themselves with existing trade agreements that could lessen the impact of tariffs on their supply chains. By doing so, businesses can effectively navigate these waters and potentially emerge stronger than before.
12.21.2025
Unlocking Cost Savings: Discover the Power of Tariff Engineering
Update Understanding Tariff Engineering: A Game Changer for Imports As international trade shifts rapidly, companies are exploring dynamic strategies to navigate the complex landscape of import duties. One increasingly popular tactic is tariff engineering, a smart method that allows businesses to mitigate costs by redesigning products to fit into more favorable tariff classifications. What Is Tariff Engineering? Tariff engineering is essentially about modifying a product's design, materials, or construction in a way that secures a lower duty rate at importation. Rather than misrepresenting or providing false information to customs, it involves legitimate adjustments that adhere to international trade regulations. For instance, consider an apparel manufacturer that traditionally shipped fully assembled suits, incurring high tariffs. By separating the suits into individual garment components (jackets and trousers) for shipment, the company can label and classify them differently, potentially qualifying for reduced tariffs based on separate HTS subheadings recognized by customs. Legalities: Navigating Compliance The legality of tariff engineering resides within a well-defined boundary. Companies can structure their products and transactions to lower their duties as long as they remain compliant with customs laws. Misclassification or deceptive practices are strictly prohibited and can lead to serious penalties and audits. Engaging with legal professionals and customs experts ensures that your transformations align with tariff classification rules and regulations. This compliance not only protects your business but also facilitates smoother transactions and reduces the risk of future legal challenges. Benefits of Tariff Engineering: Why It Matters Tariff engineering can be a costly game changer — it helps companies save significant amounts of money on import duties. According to a recent survey, 46% of organizations are either considering or already implementing tariff engineering as a strategy against rising U.S. tariffs. Benefits include: Cost Savings: Lower duties enhance profit margins. Enhanced Competitiveness: A strategic approach allows businesses to offer better pricing. Risk Management: Reduces exposure to fluctuating tariff rates. Technology’s Role in Tariff Engineering The rise of AI-powered tools and governance technologies is revolutionizing how companies approach tariff engineering. Sophisticated classification tools help importers manage risk more efficiently by ensuring compliance and supporting the scale of tariff engineering strategies. These technologies not only streamline the classification process but also help maintain accurate records, minimizing errors while maximizing efficiency. Furthermore, automated systems adapt to changes in trade legislations, offering businesses up-to-date compliance tools necessary for successful tariff engineering. Real-World Applications: Clever Strategies That Work Many brands are already leveraging tariff engineering to their advantage. For example: Material Changes: A cosmetics company swapped synthetic leather for coated polyester, dropping duties from 17.6% to 7% without altering product appearance. Assembly Shifts: A U.S. light fixture company moved final assembly to Vietnam, lowering duties from 25% to 0% due to a change in the country of origin. Product Design: Furniture manufacturers have modified upholstered chairs to qualify under a different category, drastically reducing import duties. Each of these examples showcases how innovation in product design and strategic planning can lead to substantial financial benefits. The Future of Tariff Engineering: Trends to Watch The landscape of global trade continuously evolves, with tariff engineering reaching new heights. Companies will need to stay savvy about the changing regulations and look for opportunities in sustainability and compliance technologies. Ethical considerations will also play a critical role as accountability becomes more prominent in international trade. As we move forward, businesses that integrate ethical tariff engineering into their operational frameworks will likely lead the way in responsible trade practices, maximizing competitiveness while upholding integrity.
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