SMBAccountant

JULY 14, 2020

This is the simplest form as your books match your bank account. The accrual basis of accounting matches income and expenses in the same time frame, regardless of when the money came into or left the bank account. did work for a customer and sent them an invoice on 6/25/2020. Using cash basis accounting, Doe Co.

Government 130

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Going Concern

NOVEMBER 14, 2023

Last month we took a look at the 2024 Robert Half Salary Guide to get an idea what public accounting salaries should be in the range of next year, today it’s a similar report from Addison Group and their 2024 Workforce Planning Guide. The guide covers several industries, we are of course only here for accounting. Say what now?

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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. Now I understand the first reaction of many accountants to the concept of selling anything. For example, you might decide to go on your Facebook, Linkedin or Reddit account and make the following statement.

tax preparation 246

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Going Concern

SEPTEMBER 25, 2023

It’s been a while since we’ve done an Accountants Behaving Badly megapost ( 381 days ago , actually), here’s some bad behavior you may have missed. Twice-Convicted Accountant Is Charged With Embezzling More Than $1.1 Palos Hills Accountant Indicted In $7.8M This stock photo is incredible.

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CPA Practice

JUNE 12, 2023

There is perhaps no industry in which this dynamic is more apparent than accounting; 75% of accounting processes are largely manual, according to a recent Deloitte survey of accounting professionals. This demonstrates the potential impact that automation can have — and is already having — on the day-to-day lives of accountants.

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Going Concern

FEBRUARY 3, 2023

From the report: The independent auditor for Adani Enterprises and Adani Total Gas is a tiny firm called Shah Dhandharia. They were essentially fresh out of school, hardly in a position to scrutinize and hold to account the financials of some of the largest companies in the country, run by one of its most powerful individuals.

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CPA Practice

OCTOBER 10, 2023

The demand for skilled tax practitioners in the accounting profession has never been more critical. This surge in demand for CPA services comes at a time when experienced public accountants are exploring alternative career options, and fewer graduates are entering the profession. By Richard Lavina and Ralph Carnicer.

Technology 105

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CPA Practice

NOVEMBER 25, 2024

The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the appointment of Robert W. Scott to a five-year term on the Governmental Accounting Standards Board (GASB). Before entering the public sector, he was employed as an audit manager with the accounting firm of Deloitte & Touche.

Wisconsin 52

Wisconsin Colorado auditor Oregon 52

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. TL;DR It’s about time!

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audit auditor accountant accounted 105

CPA Practice

MAY 15, 2023

The Securities and Exchange Commission’s enforcement division cracked down on accounting and auditing rules violators in fiscal year 2022, as actions within that sector made up 15% of the 462 new or stand-alone cases initiated by the regulator last year, according to a new report from Cornerstone Research.

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audit accountant accounted Account 111

CPA Practice

APRIL 28, 2023

While tax time is irksome for business owners, it can be teeth-grindingly stressful for the accountants who assist their clients. In a typical season, accountants can work anywhere from 50-to-80 hours a week, not only providing strategic tax advice but helping set up each client for success throughout the year.

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Going Concern

MAY 26, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. The accounting firm is embroiled in a national scandal over its use of confidential information about proposed tax laws to drum up business. Have a safe Memorial Day. million over a decade.

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Going Concern

AUGUST 9, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. So here, take this tweet instead. Also how much they pay offshore staff.

accounting firms 104

accounting firms accountant accounted Account 104

Accounting Insight

JANUARY 7, 2025

SaaS solution enables automation of complex lease accounting calculations, ensuring precision and simplification Caseware, a global leader in cloud-enabled audit, financial reporting and data analytics solutions, today announced the acquisition of LeaseJava, a software-as-a-service (SaaS) solution designed and developed by leasing standards experts.

accounting standards 52

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Going Concern

SEPTEMBER 30, 2024

Publications around the world continue to discuss the tragic sudden death of a young auditor at EY India and dirt keeps making its way to the surface. They opened up testing centers all around India in 2020 and Philippines in 2024 and allowing people there without any US college credits to sit for exams. Hello and happy Monday!

audit 105

audit accountant accounted Account 105

Going Concern

DECEMBER 13, 2022

billion, through false accounting from 2015 until Wirecard collapsed in June 2020. But two years ago its auditor, EY, declared it could not find nearly 1.9 The two others charged in the case are Oliver Bellenhaus, who headed a Wirecard subsidiary in Dubai, and Stephan von Erffa, the company’s chief accountant.

accountant 97

accountant accounted Account auditor 97

Going Concern

JULY 2, 2024

The other day, BDO USA released a press release entitled “BDO Strengthens Audit Quality Commitment with Addition of Second Independent Member on Audit Quality Advisory Council ,”the content of which strongly suggests that their next Public Company Accounting Oversight Board (PCAOB) inspection is going to be hot garbage.

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Going Concern

APRIL 30, 2024

Here’s a snapshot from 2019 that shows how much cannabis companies were paying to which auditors: A look at 40 Canadian cannabis companies and what they paid to their auditors over their past fiscal year. Note that many companies switched auditors so not all fees listed went to the current auditor.)

auditor 111

auditor audit Legal financial statements 111

CPA Practice

AUGUST 15, 2023

The Public Company Accounting Oversight Board (PCAOB) has not been in a jovial mood lately. 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. 8: KG Somani & Co.

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audit auditor accounting firms cpas 98

CPA Practice

APRIL 24, 2023

While tax time is irksome for business owners, it can be teeth-grindingly stressful for the accountants who assist their clients. In a typical season, accountants can work anywhere from 50-to-80 hours a week, not only providing strategic tax advice but helping set up each client for success throughout the year.

accounting meaning 105

accounting meaning accountant accounted Account 105

Going Concern

SEPTEMBER 1, 2022

Last week, we published a letter written to Fortune by a former CPA who pivoted to driving 18-wheelers and found far more career happiness than he ever would have in accounting (good for him). Accounting and being a CPA have been the worst personal decision and professional organization I’ve been a part since passing.

cpas 98

cpas cma Real Estate accounting and finance 98

Going Concern

DECEMBER 19, 2023

445 professional staff — 93 percent auditors and seven percent tax and advisory — participated in answer sharing during mandatory, open-book internal training assessments between 2016 and 2020. And PwC Canada’s junior auditors will learn to keep this thing everyone does on the down-low going forward.

auditor 118

auditor audit CPA Government 118

Going Concern

JANUARY 13, 2023

From 2016 until its 2020 inspection report, Grant Thornton had an average audit failure rate of about 21%. The identified deficiencies primarily related to the firm’s testing of controls over and/or substantive testing of revenue and related accounts and inventory. rate in 2020 , which was an all-time best for Grant Thornton.

audit 105

audit auditor Real Estate financial statements 105

Going Concern

FEBRUARY 2, 2023

But Cohen & Company had perfect auditing report cards from the PCAOB for 2018, 2019 , and 2020. If you include the last time Cohen & Company auditors screwed up an audit, which was in 2017, that’s two mistakes in the last 43 audits inspected, for a deficiency rate of 4.6%. We’re looking at you, BDO USA.) and in the world.

auditor 59

auditor audit financial statements accounting firms 59

Going Concern

JANUARY 12, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. And take our 2024 Predictions for the Accounting Profession survey ! Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

audit 111

audit auditor Illinois CPA 111

Going Concern

OCTOBER 27, 2022

The NMC Health collapse of 2020 is still haunting EY UK, this time in London High Court as NMC administrators accuse the firm of failing in their duties and not noticing “one of the biggest frauds ever alleged at a FTSE 100 company.” EY says that wasn’t their job. “Whose statements are these? .

audit 105

audit auditor Legal Transportation 105

Going Concern

JUNE 23, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Talent How Can the Accounting Profession Attract a Diverse Generation Z? [ today is still less than half of March 2020 levels, according to data from security provider Kastle.

cpa firm 105

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Going Concern

APRIL 1, 2022

in accounting [ Accounting Today ] Some of the main job gains occurred in leisure and hospitality, and professional and business services, along with retail trade and manufacturing. Professional and business services added a total of 102,000 jobs in March, including 18,200 in accounting and bookkeeping services. Ah, memories.

auditor 52

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Going Concern

SEPTEMBER 1, 2023

The PCAOB has scored its first-ever sanctions related to a firm’s membership in an accounting alliance and as one would expect, there is a press release. Given its alliance membership and association with the other accounting firm, Warren Averett had a disincentive to question the reasonableness of the other accounting firm’s valuation work.

audit 98

audit auditor accounting firms financial statements 98

Going Concern

MARCH 3, 2022

And it’s always the auditors doing the cheating. After working 12-plus hours a day, the last thing these people want to do is watch some annoying training video on their laptop about cybersecurity, auditor independence, ethics, and/or sexual harassment—and then have to answer questions about what they just watched.

auditor 109

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Going Concern

DECEMBER 30, 2022

We selected for review 56 audits of issuers with fiscal years generally ending in 2020. The identified deficiencies primarily related to the firm’s testing of controls over and/or substantive testing of revenue and related accounts, long-lived assets, and equity and equity-related transactions. The most common Part I.A

audit 105

audit auditor Real Estate financial statements 105

Going Concern

JUNE 24, 2024

It’s Monday, June 24, 2024 and this is your news in and around the accounting profession. He ditched university at age 17 to pursue an accountancy apprenticeship. “My Are Big 4 Salaries So Bad Staff Are Starting OnlyFans Accounts? This does portray the status of internal controls in 2020, at the end of Fiscal Year 2021.

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Going Concern

DECEMBER 1, 2022

In it, questions are tossed out about how accounting education will change along with the ambitious CPA exam overhaul, with concerns raised about the graduates who will apply their pre-Evolution education to a post-Evolution exam. Between 2015 and 2020, the number of NYS licenses issued declined by approximately 20%.

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accounting degree New York accountant accounted 64

ThomsonReuters

DECEMBER 9, 2020

It will come as no surprise after the year we’ve had: the growing risk of fraud in the 2020 year-end audit is real. This year more than ever, auditors will have to be conscious of the possibility and adjust their audit procedures and fraud inquiries accordingly. Is your firm ready for the 2020 audit season? Are you ready?

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CPA Practice

APRIL 19, 2023

Ray III laid out how a lack of financial and accounting controls helped to doom the company. Don’t hire a generalist accountant for a specialized business. The majority of FTX’s accounting was conducted by a small external firm, which Ray says had no specialized knowledge relating to cryptocurrencies or international financial markets.

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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. Having received that commitment, Gridsum promptly dismissed its then current auditor and hired Haoxin.

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Going Concern

NOVEMBER 11, 2022

note: if you like accounting news, which you clearly do because you are reading this, we encourage you to sign up for our newsletter for even more accounting news. There’s definitely an accountant shortage out there’: MBAs have become the go-to degree and companies are struggling to hire enough CPAs [ Fortune ].

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