Going Concern

JULY 7, 2022

EY has had a few firsts in recent years: first Big 4 firm with unlimited PTO , first audit firm to get a $100 million fine from the SEC , first Big 4 firm to compare men and women with waffles and pancakes , and first place among the Big 4 in public company audit clients for the past seven years. Together, these 10 firms audit 68.8%

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audit auditor 116

CPA Practice

SEPTEMBER 17, 2024

million to the Securities and Exchange Commission (SEC) on Tuesday to settle charges that it bungled audits of failed crypto asset trading platform FTX. Prager Metis also settled separate charges that it violated SEC auditor independence rules. Top 60 accounting firm Prager Metis agreed to pay $1.95

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audit auditor cpas financial statements 59

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.

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audit auditor accounting firms financial statements 98

Going Concern

JULY 31, 2023

Currently KPMG, Deloitte and EY provide both consulting and audit to both the public and private sector. Originally they were just audit firms,” he said. Then the audit firms decided to create this problem by going off and doing their own consulting and the whole thing’s got out of hand.”

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auditor accountant Account accounted 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.

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audit auditor Real Estate financial statements 105

CPA Practice

APRIL 15, 2023

EY was considering splitting up its audit and consulting units to avoid suggestions of a conflict of interest between the two practices. Following a split, EY would have been able to advise companies for which it also acted as auditor. leader Julie Boland would have overseen the audit business. And the rules are tightening.

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audit auditor accounting firms Account 92

Going Concern

OCTOBER 18, 2024

BDO was supposed to report an unusual transaction to the national Financial Intelligence Unit in 2020. SEC’s Dropped Auditing Charges Shows Damage of Jarkesy Decision [ Bloomberg Law ] The Securities and Exchange Commission’s recent decision to drop misconduct charges against a handful of auditors proves the SEC v.

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audit auditor New York accounting firms 104

Going Concern

FEBRUARY 24, 2023

Some time last year PCAOB inspectors visited China and while details of their visit were kept somewhat quiet from both sides, we were told that the inspectors gained unprecedented access to Chinese audit work.

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audit auditor accounting and finance Washington 105

CPA Practice

MAY 10, 2023

The head of the Public Company Accounting Oversight Board (PCAOB) said today that its inspectors found significant deficiencies in the audits of U.S.-listed auditors to inspect the records of U.S.-listed She said this is common practice for inspections of PCAOB-registered audit firms around the world. listed Chinese companies.

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audit auditor financial statements public accounting 111

Going Concern

FEBRUARY 2, 2023

Breaking news: Cohen & Company made a mistake on one of its audits inspected by the PCAOB. Big deal, you ’re probably thinking, audit firms screw up all the time—some more than others. But Cohen & Company had perfect auditing report cards from the PCAOB for 2018, 2019 , and 2020. We’re looking at you, BDO USA.)

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auditor audit financial statements accounting firms 59

Accounting Today

FEBRUARY 27, 2024

Auditors are including CAMs in more of their opinions but disclosing fewer CAMs per opinion, according to an Ideagen report.

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auditor audit 119

CPA Practice

NOVEMBER 15, 2023

Overall, average audit fees increased by 4.6 Forty-seven percent of member company respondents also indicated an increase in effort to support the external audit while 51 percent reported no change year over year. percent from 2021 to 2022. Additional reasons cited were changes to ICFR followed by divestitures.

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audit auditor financial statements Education 52

Going Concern

JANUARY 20, 2023

PwC sees off Deloitte to retain HSBC audit worth up to $1bn [ Financial Times ] PwC has retained the most valuable audit contract on the London Stock Exchange after overcoming a challenge from Deloitte to sign off the accounts of HSBC until 2034.

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auditor Technology audit financial statements 98

CPA Practice

OCTOBER 24, 2023

A new report from the staff of the Public Company Accounting Oversight Board (PCAOB) reveals that 42% of firms the PCAOB inspected in 2022 had a quality control criticism related to engagement quality reviews (EQRs), up from 37% in 2020. Engagement quality reviews are an important investor safeguard during the audit process.

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audit auditor Account accountant 59

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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audit auditor financial statements Construction 116

Going Concern

JULY 26, 2022

In fact, the 46 IPOs in Q2 was the fewest since the first quarter of 2020 (38), and the $5.3 billion), according to a new analysis from Audit Analytics. Even though SPACs are going through a rough patch, public accounting firms that are SPAC auditing machines were kept the busiest in Q2. appeared first on Going Concern.

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audit auditor public accounting accounting firms 97

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. Cue the public exclaiming “where were the auditors!?” issued a clean audit report of Akazoo’s 2018 financial statements. A couple days ago the SEC charged Crowe U.K.

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audit auditor financial statements Account 98

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.

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audit Real Estate financial statements auditor 98

Going Concern

DECEMBER 13, 2022

On December 8, the PCAOB issued a concerning staff Spotlight report about an increase in the percentage of engagements reviewed with at least one “comment form,” comment forms being where inspectors tell audit firms a potential deficiency has been found, which generally result in Part I.A Some audits have both Part I.A

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auditor audit 59

ThomsonReuters

JANUARY 20, 2023

Firms are now turning to audit talent with new skillsets to help them navigate new challenges. New paths for audit talent It isn’t news that the rise of technology caused dramatic changes in the audit profession. More than ever before, today’s audit talent needs more than technical skills.

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audit auditor Technology CPA 59

CPA Practice

FEBRUARY 23, 2024

million earlier this week for breaking various Public Company Accounting Oversight Board auditing rules. Grant Thornton’s India arm and an Australian audit firm also received penalties from the PCAOB. 21 for “pervasive” quality control violations found in its audits of special-purpose acquisition companies (SPACs) in 2020 and 2021.

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audit auditor Tax accounting firms 69

CPA Practice

AUGUST 17, 2023

More than half of the audits of brokers and dealers inspected by the Public Company Accounting Oversight Board (PCAOB) last year had mistakes, as audit firms took a big step backwards from improvements they made in 2021. The PCAOB has released annual progress reports on the audits of broker-dealers since 2012. The results?

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audit auditor financial statements Account 52

CPA Practice

OCTOBER 23, 2023

A new report from the staff of the Public Company Accounting Oversight Board (PCAOB) reveals that 42% of firms the PCAOB inspected in 2022 had a quality control criticism related to engagement quality reviews (EQRs), up from 37% in 2020. Engagement quality reviews are an important investor safeguard during the audit process.

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audit auditor Account accountant 52

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 charged NMC $14 million for audit work performed over a period of about seven years.

audit 105

audit auditor Legal Transportation 105

CPA Practice

APRIL 26, 2023

A new PCAOB staff report sheds light on an area where PCAOB inspectors have observed relatively high rates of audit deficiencies: special-purpose acquisition companies (SPACs). From 2020 to 2021, U.S. The staff report noted: The PCAOB reviewed 44 SPAC-related audits performed in 2021.

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audit auditor financial statements Account 52

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. A number of audit clients have been struggling to survive the COVID-19 pandemic. The period in which revenue is recorded, for instance, is something auditors will have to pay special attention.

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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 Account accounted 111

Going Concern

NOVEMBER 1, 2024

Audit Private Equity’s Ties to Companies’ Auditors Have Never Been Closer. accounting firms will have either sold an ownership stake or part of their business to private-equity investors, up from zero in 2020, said Allan Koltin, chief executive at advisory firm Koltin Consulting Group. That Worries Some Regulators.

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audit Florida auditor accounting firms 52

Going Concern

NOVEMBER 11, 2022

The next generation of accountants and auditors is in demand, but Ben Lansford, an accounting professor and director of the Master of Accounting program at the Jones Graduate School of Business at Rice University explained why some are hesitant. Audit Fees Rise Only 2.5%, But Audits Require Greater Effort [ CFO ].

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audit auditor Louisiana cpas 98

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. Note that many companies switched auditors so not all fees listed went to the current auditor.) billion Canadian dollar ($3.7

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auditor audit Legal Tax 111

Going Concern

SEPTEMBER 22, 2023

Miller was appointed vice president for finance in April 2020 and also serves as the university treasurer. The 2023 Forum on Auditing in the Small Business Environment and on Auditing Broker-Dealers is set for Oct. The 2023 Forum on Auditing in the Small Business Environment and on Auditing Broker-Dealers is set for Oct.

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audit accounting and finance Virginia auditor 109

CPA Practice

MARCH 9, 2023

The public comment draft is the next step in the IPPF Evolution Project , an extensive research effort launched in 2020 that has engaged thousands of internal audit practitioners and stakeholders, including regulators, corporate directors, and standard-setting bodies from across the globe. “The

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audit auditor CPA Education 52

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. auditing curriculum. Here’s what happened. So we kinda already knew there was some cheating going on over there.

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auditor audit CPA Government 118

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. PCAOB inspectors selected 15 audits to dissect and found problems in just four.

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financial statements audit auditor public accounting 52

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%). million accountants and auditors in the U.S. There were about 1.65

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CPA Practice

SEPTEMBER 26, 2023

BDO USA was fined $2 million and two of the firm’s partners were fined a total of $60,000 by the Public Company Accounting Oversight Board (PCAOB) for failures in connection with the 2017 audit of AAC Holdings, which through its subsidiaries provides inpatient substance abuse treatment services, the audit regulator said on Tuesday.

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audit auditor New York financial statements 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.

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audit auditor financial statements public accounting 52