LMSB update.

• Position: Recent Activities

TEI and IRS representatives met recently in Detroit as part of a joint audit planning task force to develop an issue-focused plan that encourages audit efficiency. The task force, led by Jack Schroeder, LMSB Director of Field Operations for the Heaving Manufacturing and Transportation Industry Group, is scheduled to issue its report by the end of the year. The group's next meeting is November 5.

TEI representatives on the task force are Denise Lukowitz of Schneider National, Inc., Victoria McInnis of General Motors Corporation, Christopher Riley of Archer Daniels Midland Co., Mark Silbiger of Lubrizol Corporation, Robert Zysk of Northwestern Mutual Life Insurance Co., and Mary Lou Fahey of TEI's legal staff.

TEI members also responded to an IRS survey on ways to streamline the audit process. The survey, which follows up on a survey conducted by the IRS in May, focused on the issue of materiality in the audit and the pitfalls of a numeric standard. The consequences of not...