Going Concern

OCTOBER 18, 2024

Firm Watch Accountancy firm BDO fined €1.3 million for work with Russian-held football club Vitesse [ NL Times ] The fine is regarding the work that BDO did as an accountant for football club Vitesse, and a holding company of the former owner of the club, Russian businessman Valeri Oyf, sources told FD.

audit 104

audit auditor New York accounting firms 104

CPA Practice

AUGUST 15, 2023

Shortly after criticizing audit firms for the number of errors they made on public company audits reviewed by PCAOB inspectors last year, the audit watchdog doled out sanctions to 12 accounting firms from July 28 to Aug. Here is a recap of the PCAOB’s busy last two weeks of enforcement and the firms that got busted.

audit 98

audit auditor accounting firms cpas 98

Going Concern

MAY 5, 2022

Mind you this was following a record 40,350 accounting graduates hired by public accounting firms in 2012 , and by 2014, the profession logged six consecutive years of record numbers of people majoring in accounting. On top of the overall pipeline issue, we’ve heard grumblings of auditor shortages for years.

auditor 52

auditor audit cpas CPA 52

Going Concern

SEPTEMBER 1, 2023

First things first: The PCAOB found that Warren Averett violated independence requirements during its 2019 and 2020 audits of an issuer, because the firm audited valuations performed for the issuer by another accounting firm that sponsored an alliance of which Warren Averett was a member. Nice to see.

audit 98

audit auditor accounting firms financial statements 98

CPA Practice

SEPTEMBER 5, 2023

In first-ever sanctions levied against an audit firm related to its membership in an accounting alliance, the Public Company Accounting Oversight Board (PCAOB) on Aug. 29 fined top 50 firm Warren Averett $200,000 for auditor independence violations during the 2019 and 2020 audits of an issuer.

auditor 52

auditor audit accounting firms financial statements 52

Going Concern

APRIL 15, 2022

Accounting watchdog investigates Deloitte over Go-Ahead audits [ The Guardian ] One of the UK’s biggest accounting firms, Deloitte, is under investigation by regulators for its audits of Go-Ahead, after the bus and rail operator was embroiled in a scandal for wrongly withholding £50m of taxpayers’ money. As a result, U.S.-based

accounting firms 52

accounting firms audit accountant Account 52

Going Concern

SEPTEMBER 29, 2022

The talent shortage has long been wreaking havoc on the profession and with the accounting pipeline drying up faster than Lake Mead, there doesn’t seem to be much relief on the horizon (if anything, things are getting worse ). This isn’t solely a matter of firms struggling to find talent, there is no talent to find.

auditor 59

auditor audit accounting and finance accounting firms 59

Going Concern

MAY 20, 2024

PwC is facing legal action claiming the accountancy firm is liable for the alleged rape of a graduate employee following after-work drinks. Auditors are required to include a going-concern warning if they believe there is a risk that the company may go bankrupt, rather than making a prediction that it will.

audit 105

audit auditor accountant Account 105

Going Concern

JUNE 29, 2022

The hardworking human beings at Audit Analytics have released their analysis of initial public offering trends and IPO auditor market share for the first quarter of this year , a period in which the number of companies going public was minuscule compared to Q1 of 2021. However, after a merger, SPACs are very likely to change their audit firm.

audit 105

audit auditor New York financial statements 105

CPA Practice

FEBRUARY 28, 2023

That’s up from 91% in 2019. Sixty-four percent of companies obtained assurance over at least some ESG information in 2021, up from 51% in 2019. While accounting firms conduct more engagements, their market share—57% of sustainability/ESG assurance engagements—has declined from 63% in 2019.

auditor 80

auditor cpas Government accounting standards 80

CPA Practice

DECEMBER 1, 2023

The Public Company Accounting Oversight Board (PCAOB) has doled out a record $20 million in total fines to audit firms and individual auditors so far in 2023, almost doubling the previous high mark of $11 million set last year. In early 2019, the firm violated the anti-fraud provisions of U.S.

auditor 105

auditor audit financial statements Account 105

Going Concern

DECEMBER 22, 2023

Barring any huge incident like an accounting firm getting raided by the FBI on Christmas Day, there will not be any breaking news. million) in damages from accounting firm EY for its role in auditing the books of Wirecard before its collapse in 2020, a shareholder group said. Don’t hesitate to reach out.

auditor 111

auditor audit accounting firms accounting and finance 111

Going Concern

SEPTEMBER 29, 2023

From the SEC : The Securities and Exchange Commission today announced charges against accounting firm Prager Metis CPAs, LLC and its California professional services firm, Prager Metis CPAs LLP, (together, Prager) for violating auditor independence rules and for aiding and abetting their clients’ violations of federal securities laws.

cpas 64

cpas auditor audit California 64

Going Concern

AUGUST 8, 2023

Edward Ketz Written for Accounting Education News , not published. On June 28 of this year the SEC announced its largest penalty ever levied against a large accounting firm because E&Y had many of its audit professionals cheating on ethics exams. Also see my essay “ The Myth of Auditor Independence.”)

auditor 97

auditor accountant Account accounted 97

Going Concern

MARCH 16, 2022

The big news in the accounting profession yesterday afternoon from Dave Michaels of the Wall Street Journal was that the SEC is investigating the Big 4 and other public accounting firms on whether the consulting and non-audit services they sell to clients is conflicting with their independence as the auditors of said clients.

audit 52

audit auditor bookkeeping accounting and finance 52

Going Concern

DECEMBER 11, 2023

Navarro-Velez joined the department at UNLV in 2019. In new research, Matthias Breuer, Anthony Le, and Felix Vetter find that when companies are required by the government to seek a third-party financial audit, they turn to lower quality auditors.

auditor 105

auditor accountant Account accounted 105

Going Concern

SEPTEMBER 12, 2023

.” From today’s news release : The Securities and Exchange Commission today charged Alfonse Gregory Giugliano, CPA, the former National Assurance Services Leader at Marcum LLP, a public accounting firm, with failing to sufficiently address and remediate numerous deficiencies in Marcum’s quality control system.

audit 116

audit public accounting auditor Management Consulting 116

CPA Practice

MAY 2, 2023

By Paula Laurenti, Key Accounts Manager at SAPRO. accounting profession is facing a severe shortage of certified accountants. Projections indicate that demand for accountants and auditors will increase by 13% between 2021 and 2031, with an estimated 136,400 job openings between 2021 and 2023.

cpas 69

cpas auditor accounting firms accounting and finance 69

CPA Practice

SEPTEMBER 14, 2023

The SEC also noted that in 2019, Marcum was the auditor for only 185 public companies, but by 2022, that number jumped to 575—the majority of them being SPACs. Of the more than 860 SPACs that completed initial public offerings in 2020 and 2021, Marcum audited more than 400 of these transactions.

audit 52

audit auditor accounting firms public accounting 52

Going Concern

DECEMBER 5, 2022

In an article for CoinDesk , Francine McKenna took a crack at why the FTX debacle happened, and like she always does when there ’s really bad accounting at a company going through a financial crisis, who are/were the auditors: It’s not clear why FTX commissioned two different audit firms to audit its 2020 and 2021 financial statements.

audit 52

audit auditor financial statements public accounting 52

Going Concern

FEBRUARY 10, 2023

Talent As tax season approaches, accounting firms are short on staff [ Marketplace ] Oh hey! Audit Americanas’ $4 Billion Accounting Scandal Puts More Scrutiny on PwC’s Auditing Record [ Bloomberg ] A $4 billion accounting shortfall would typically raise alarm bells for an auditor. 31, 2022.

Florida 105

Florida Tax North Dakota accountant 105

Going Concern

JULY 29, 2024

Oh and reminder: the Institute of Chartered Accountants of India (ICAI) is working on a plan to consolidate India’s 96,000 little accountancy firms into mega-firms that they think could compete with Big 4 on the global stage. INSIDE Public Accounting continues to tease the upcoming release of the IPA 500.

CPA 116

CPA accountant Account accounted 116

CPA Practice

AUGUST 18, 2023

arm of accounting firm Crowe LLP, its CEO, and a senior auditor settled charges with the Securities and Exchange Commission on Aug. 14 over various mistakes the firm made during its 2018 audit of music streaming company Akazoo. Nigel Bostock Without admitting or denying the SEC’s findings, Crowe U.K.

audit 52

audit financial statements auditor accounting firms 52

Going Concern

MARCH 30, 2022

The latest audit inspection results for Crowe show the 11th-ranked public accounting firm by revenue bombed 27% of the audits reviewed in the most recent PCAOB inspection cycle, but the firm was less bad in its 2020 report card than it was in 2019’s. Marcum auditors didn’t do too badly on audits of ICFR.

financial statements 52

financial statements audit auditor public accounting 52

Going Concern

MARCH 26, 2024

Last July, Dutch news revealed that least 500 staff at KPMG Netherlands were cheating of the same kind that earned our KPMG a $50 million fine from the SEC in 2019 that, to be fair, was lumped in with much worse attempts to cheat on PCAOB inspections.

audit 116

audit auditor CPA accounting firms 116

Going Concern

MARCH 13, 2023

Earlier: KPMG has served as SVB auditor since 1994. Per Part II, Item 8 “Report of Independent Registered Public Accounting Firm” ( SEC EDGAR link ), KPMG issued an unqualified opinion two weeks before the bank failed. Just wanted to clear things up since we’re all memeing this guy and laughing at him today.

accountant 105

accountant Account accounted auditor 105

Going Concern

JULY 17, 2023

KPMG Nederland director Marc Hogeboom is also stepping down as boss of the accounting arm, but remains an auditor and partner at KPMG. As a supervisor of the Dutch accountancy sector, exam fraud has the explicit attention of the AFM. There is no room for doubt about the integrity and professional competence of accountants.

audit 97

audit auditor chartered accountant Texas 97

Going Concern

JULY 11, 2023

And here’s their game plan: As an initial step in remediation of this material weakness, we are engaging temporary third-party resources with the appropriate level of knowledge and experience in accounting and internal control matters to complement the existing organizational structure. from the prior-year period, but up 40.6%

accountant 139

accountant Account accounted financial statements 139

CPA Practice

JUNE 11, 2024

15, 2019, that said the PCAOB at the time had “slowed its work amid board infighting, multiple senior staff departures, and allegations that the chairman has created a ‘sense of fear.’” William Duhnke Bad press seemed to follow the PCAOB during Duhnke’s tenure, including an article by the Wall Street Journal on Oct.

audit 52

audit auditor accounting firms Account 52

Going Concern

JANUARY 19, 2024

Practice Protecting tax accounting information: Best practices for IT professionals in data security and confidentiality [ Thomson Reuters ] Accounting firms are entrusted with a wealth of sensitive financial data, including tax records, income statements, and other confidential information. Arizona Auditors Found $1.8

Arizona 104

Arizona accounting and finance audit Technology 104

CPA Practice

APRIL 26, 2023

Based on these inspections, the report presents several key takeaways for auditors. The number of SPAC IPOs increased from 59 in 2019 to 248 in 2020, then spiked significantly to 613 in 2021. The PCAOB reviewed 71 SPAC-related audits performed in 2022. Of those audits, 37% had at least one deficiency.

audit 52

audit auditor financial statements Account 52

AdviceForTaxpreparers

SEPTEMBER 8, 2020

My name is Bill Meador and I am writing a book to help tax staff succeed in a public accounting firm tax department. Issue 3: I am an accounting major, auditor, or I don’t have enough experience in tax to promote the book. Accounting Jokes, Videos, Puns and Humor - July 29, 2019. by Bill Meador, CPA, JD.

tax preparation 246

tax preparation Tax cpa firm tax return 246

PYMNTS

JANUARY 12, 2021

Commerzbank's warning came from findings of an internal review the bank had been doing since early 2019, FT reported, which came after FT wrote about the alleged accounting manipulations in Wirecard's Asian division. The findings of Commerzbank's investigation led the bank to distance itself from Wirecard by the end of 2019.

auditor 70

auditor accounting firms Account accountant 70

Going Concern

AUGUST 23, 2023

million) payouts, effortlessly beating the 2020 high of £868,000 and quite a leap from £765,000 in 2019. Reports The Guardian : More than 1,000 partners at the UK division of the “big four” accounting firm PwC will be paid £906,000 this year, a slight fall on last year’s record payout as profits fell despite rising revenues.

audit 98

audit auditor Legal Sales 98

CPA Practice

JANUARY 17, 2023

Rather than being constrained towards a single country, accounting credentials such as Certified Public Accountant (CPA), Enrolled Agent (EA) and Certified Management Accounting (CMA) are quickly turning into global designations. . This has facilitated a rapid growth in interest shown for such accounting qualifications.

cma 126

cma CPA accounting and finance public accounting 126

Going Concern

SEPTEMBER 5, 2023

BDO is now among the largest ESOPs in the country and is the first large public accounting firm to transition to ESOP ownership. Also from AFR, Big 4 firms earn almost 100% of top companies’ audit fees : The big four accounting firms earned 99.3 per cent in 2019, the University of New South Wales research found.

accountant 64

accountant Account accounted chartered accountant 64

Going Concern

MAY 28, 2024

The local news in Cincinnati covered this strategic move : One of Greater Cincinnati’s largest accounting firms is being acquired by an Indianapolis company. Blue Ash-based tax, advisory and audit firm Cassady Schiller CPAs & Advisors will become part of Katz, Sapper & Miller in a transaction that will be completed May 31.

audit 69

audit Hospitality accountant Account 69