Withum

JULY 28, 2022

Multiple businesses notified us this week that their claims for the employee retention credit (ERC) are being audited by the IRS. It is not known whether they were randomly selected for audit or whether they were targeted for some reason. We have written previously about the topics the IRS is likely to inquire about on audit.

audit 121

audit income tax tax return Tax 121

MyIRSRelief

OCTOBER 11, 2024

Department of the Treasury to represent taxpayers before the Internal Revenue Service (IRS) for tax issues including audits, collections, and appeals. IRS and State Tax Audit Representation One of the most valuable services provided by Enrolled Agents is representation during IRS and state tax audits.

tax services 130

tax services payroll tax Tax tax preparation 130

TaxConnex

JUNE 21, 2022

Through 2019, companies began to feel the pinch. Twenty-four states and the District of Columbia had added enforcement of economic nexus in 2019, in addition to the 19 that added the burden to online retailers right after Wayfair. percent compared with the same quarter in 2019. When would states intensify audits?

South Dakota 246

South Dakota E-commerce Alaska Missouri 246

Going Concern

MAY 7, 2024

“In other words, the reported deficiencies had to be so serious that, in our view, the audit firm could not provide reasonable assurance that the financial statements were free from material misstatement due to error or fraud,” explained former board member J. .” And you thought NOCLAR was controversial.

audit 111

audit financial statements accounted Account 111

Going Concern

JUNE 1, 2023

In the WaPo opinion pages yesterday one Duncan Mavin, who got his start in the 90s, says the best way to solve the audit industry’s many conflicts is to kill it altogether. He starts the piece summoning the ghost of Enron, as all writers do when discussing what happens when audit goes wrong. billion in global revenue.

auditor 116

auditor audit Government Transportation 116

CPA Practice

OCTOBER 22, 2024

Grant Thornton, a provider of end-to-end audit, assurance, tax and advisory services, has appointed Greg Davis to lead the firm’s Workday practice. Since 2019, Grant Thornton has teamed up with Workday , a leader in enterprise cloud applications for finance and human resources.

accounting and finance 119

accounting and finance Healthcare Manufacturing payroll 119

Going Concern

MARCH 19, 2025

All they had to do was nab KPMG Kenya and it would be a true world tour of audit naughtiness. Said the PCAOB in their press release about this 9-way KPMG smackdown: These disclosures are particularly significant in multi-country audits, where it is even more likely that multiple parties worked on an audit.

auditor 52

auditor audit accounting firms public accounting 52

Going Concern

JANUARY 3, 2025

The new platform of roughly 12,000 professionals will include a united Trans-Atlantic advisory and tax practice, as well as independent audit practices. Without an up-to-date audit, as required by law, municipalities and school districts lose an important tool for keeping their budgets in line. SEC ruling should apply to the PCAOB.

auditor 98

auditor audit Rhode Island cpa firm 98

Going Concern

DECEMBER 30, 2022

The Black and Yellow had been slowly but surely not screwing up as many audits in recent years. After having a not-great audit deficient rate of 31% in its 2017 inspection report , EY’s error rate had dropped to 26% in its 2018 report , 18% in 2019 , and 15.4% For each issuer audit selected, we reviewed a portion of the audit.

audit 105

audit auditor Real Estate financial statements 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. Marcum and Withum combined audited 49.3%

audit 105

audit auditor New York financial statements 105

CPA Practice

AUGUST 9, 2023

billion between April 1 and June 30, according to a recent analysis from Audit Analytics. billion) 2019 : 79 ($32.7 billion, while six special purpose acquisition company (SPAC) IPOs raised total proceeds of $980 million, according to Audit Analytics. PwC is the company’s audit firm, according to Kenvue’s Form 8-K.

audit 98

audit cpas accounting firms accounted 98

TaxConnex

SEPTEMBER 29, 2020

percent over August 2019 – not even counting $9.6 The Illinois Department of Revenue (IDOR) recently announced expansion of its Audit Fast Track Resolution (FTR) Program to all sales and miscellaneous tax audits except for Motor Fuel Use Tax. Sales taxes were up 8.2

Sales 246

Sales Tax Alabama Texas 246

Going Concern

AUGUST 17, 2023

LLP, its CEO Nigel Bostock, and senior auditor Matthew Stallabrass for the firm’s deficient audit of music streaming company Akazoo Limited. million back in 2021 “for allegedly defrauding investors out of tens of millions of dollars in connection with a 2019 special purpose acquisition company (SPAC) business combination.”

audit 98

audit auditor financial statements accounted 98

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. 11 for breaking various auditing rules. Snodgrass, Mancera S.C.,

audit 98

audit auditor accounting firms cpas 98

TaxConnex

FEBRUARY 27, 2024

For respondents, the staffing struggle also meant curtailing business growth (19.23%), more errors in sales tax calculation (17.58%), more frustration from existing staff (21.43%) and, perhaps scariest, a growing lack of confidence in being prepared for an audit (22.53%). There were about 1.65 million accountants and auditors in the U.S.

Sales 264

Sales Tax Account accountant 264

Going Concern

OCTOBER 26, 2023

A gent who spent nine months as an audit associate at Grant Thornton’s Manchester office got a letter from them a year after leaving that apologized for inadvertently paying him less than minimum wage. Yavinka Mendis, a University of Manchester economics graduate, joined KPMG’s Manchester office as an audit associate in 2019.

audit 110

audit Start-ups accounting firms accounted 110

Going Concern

JANUARY 6, 2023

Fat Joe’s favorite audit firm once again had a spectacularly horrible PCAOB inspection report. In the 2021 inspection of BDO USA, LLP, the PCAOB assessed the firm’s compliance with laws, rules, and professional standards applicable to the audits of public companies. For each issuer audit selected, we reviewed a portion of the audit.

audit 98

audit Real Estate financial statements auditor 98

Going Concern

JULY 11, 2022

That’s how much Tanvi Shah made in audit before she decided to quit Big 4 for good and make her social media side hustle a full-time gig. This post brought to you by RAID: Shadow Legends, one of the biggest mobile role-playing games of 2019 and it’s tota–oh wait, never mind, wrong post. £3,000 ($3,600) a month.

audit 105

audit Montana Management Consulting Start-ups 105

Going Concern

MARCH 8, 2023

For example, there was no evidence that the audit team had, whether in FY2018 or before, obtained and read a 30-year Public Private Partnership contract with FY2018 revenue of c.£77m 640m – was written in French, but the audit team neither possessed French language skills nor obtained a translation of the contract. .£77m

audit 105

audit Government auditor financial statements 105

RogerRossmeisl

NOVEMBER 6, 2020

October 15 was the deadline for individual taxpayers who extended their 2019 tax returns. The general rules At minimum, you should keep tax records for as long as the IRS has the ability to audit your tax return or assess additional taxes, which generally is three years after you file your return (four years for California).

Tax 190

Tax tax return California audit 190

CPA Practice

NOVEMBER 15, 2024

Brown Plus Welcomes New Team Members Leading accounting and advisory firm,Brown Plus, recently announced the addition of four new team members to its office in Camp Hill, Pennsylvania: Devin Brown, CPA, MBA, rejoins Brown Plus as an Audit Senior Manager. We’re excited to welcome Devin back to Brown Plus! In the U.S.,

audit 111

audit Pennsylvania accounting and finance Healthcare 111

Going Concern

DECEMBER 29, 2022

Lara Abrash, and other Deloitte audit folks happy (bold part added by us for emphasis): In the 2021 inspection of Deloitte & Touche LLP, the PCAOB assessed the firm’s compliance with laws, rules, and professional standards applicable to the audits of public companies. 2019: 10.3%. Uh-oh, this can t’t make Joe U., 2020: 3.8%.

audit 135

audit financial statements accounted Account 135

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. Here’s what happened.

audit 98

audit auditor accounting firms financial statements 98

Going Concern

APRIL 5, 2022

It only took five years, but Scott Marcello finally received some sort of punishment for what happened in KPMG’s audit practice several years ago as partners were working with PCAOB insiders to illegally receive advanced notice of the PCAOB’s inspection plans for KPMG audits. In May 2015, KPMG hired Brian Sweet as a partner.

audit 92

audit auditor California accounted 92

PYMNTS

JUNE 29, 2020

According to emails seen by WSJ, the auditing firm knew of and had questions about the arrangements and was signing off on Wirecard’s financial results for years anyway. The money represented around a quarter of the total revenue the company had between 2016 and 2019.

auditor 130

auditor audit been audited financial statements 130

CPA Practice

MAY 21, 2024

Top 200 accounting firm MaloneBailey was fined $400,000 by the Public Company Accounting Oversight Board (PCAOB) on May 21 for what the audit regulator calls “pervasive quality control violations.”

audit 64

audit accounting firms Account accountant 64

Going Concern

APRIL 12, 2024

As described in the PCAOB’s orders, from 2017 to 2019, Deloitte Philippines’s audit partners and other personnel engaged in widespread answer sharing – either by providing answers or using answers – or received answers without reporting such sharing in connection with tests for mandatory firm training courses. Er, cheating.

audit 108

audit auditor Education 108

KROST

FEBRUARY 18, 2021

Today, most restaurants operate in a completely different fashion than they did in 2019, for better or worse. The post Restaurant Site Audit – Post-COVID Operations appeared first on KROST. As the guidelines have changed, so have business models, the way guests are served, and even the way orders are placed and received.

audit 91

audit Education Sales Technology 91

Going Concern

MARCH 25, 2024

The reason they took the extraordinary step of changing the clocks on their computers is due to a software feature Deloitte added to their audit suite explicitly intended to prevent the backdating of workpapers. Eventually they got caught when Deloitte ratted themselves out to regulators at CPA Ontario in 2019, leading to a $1.59

auditor 116

auditor audit CPA 116

Going Concern

APRIL 30, 2024

It’s been almost six years since the Canadian government legalized recreational cannabis and ever since, a microcosm of financial reporting and auditing has been growing (no pun) beside it. This number was almost $150,000 CAD in 2019, up to $4.4 Leading the pack in cannabis clients was KPMG Canada. billion Canadian dollar ($3.7

auditor 111

auditor audit Legal financial statements 111

Going Concern

DECEMBER 21, 2023

Assuming no one but select audit partners actually read this crap, let’s take a look at how auditors should expect increased vigilance in 2024 so everyone can be better informed and stock up on KY. These include prior inspection results and the emerging risks pertaining to a particular audit firm or industry.

auditor 119

auditor audit financial statements 119

Going Concern

JULY 15, 2022

Financial Times is reporting that across-the-pond regulators at the Financial Reporting Council have written a letter to CEOs at seven audit firms requesting details on how the firm prevents staff from cheating on professional exams. Clearly cheating is not a single-firm issue and regulators are watching.

audit 83

audit CPA accounted Account 83

TaxConnex

DECEMBER 28, 2023

Weaker state revenue The kind of year it’s going to be for state coffers could greatly influence such future sales tax trends as new levies, tougher nexus thresholds and intensifying audits. If so, watch out for 2024. In 2021, Wisconsin and Maine both removed their transaction threshold; in 2023, South Dakota and Louisiana joined suit.

South Dakota 264

South Dakota Sales Tax Louisiana 264

Going Concern

JANUARY 9, 2024

In September we were tipped to a developing situation at US mid-tier audit firms in which said firms started shuttering their public company audit practices. It means the watchdog will only conduct inspections of the firm’s “public interest entity” audits every three years, rather than every 12 months.

audit 115

audit accounting firms accounted Account 115

Going Concern

JUNE 6, 2022

And in an attempt to keep Green Dotters from leaving the firm for greener pastures during the Great Resignation, Deloitte offered retention bonuses in its audit and tax practices. To find out, I examined the 2022 comp thread on Reddit , as well as both 2021 ( here and here ), 2020 , and 2019 Deloitte comp threads on Reddit.

audit 126

audit Tax accounted Account 126

Going Concern

NOVEMBER 1, 2023

The press release says: A number of Deloitte auditors in Ontario changed the date and time settings on their computer clocks to manually override controls in Deloitte’s audit software and backdate audit working paper signoffs between November 2016 and May 2018.

auditor 138

auditor audit CPA Account 138

RogerRossmeisl

APRIL 25, 2023

You may have to produce those records if the IRS audits your return or seeks to assess tax. For example, if you filed your 2019 tax return by its original due date of April 15, 2020, the IRS has until April. It’s a good idea to keep the actual returns indefinitely. But what about supporting records such as receipts and canceled checks?

tax return 143

tax return Tax audit CPA 143