Real-Time Audit Process and How IRS can Monetize the Process

Discussion Post
Student's Name
Instructor’s Name
Course Code
Date of Submission
Discussion Post
The Compliance Assurance Process (CAP) is an optional package provided by the Internal Revenue Service (IRS) to help large corporations ensure that their tax returns are accurate and complete (IRS, 2023). The program is designed to allow companies to resolve any potential issues with their tax returns before filing rather than after an audit has been initiated. Since the CAP program enables taxpayers to rectify mistakes or anomalies in their tax returns before an audit, it may be advantageous to taxpayers. This measure can help to reduce the risk of additional taxes, interest, and penalties being assessed, which can be a significant burden for businesses.
A real-time audit is an ongoing review of a company's financial and operational processes and compliance with laws and regulations (Siegel et al., 2015). It is designed to identify and address potential issues as they arise rather than waiting for a traditional annual audit to unco...