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. Let’s take a look: Crowe. Moss Adams.

financial statements 52

financial statements audit auditor public accounting 52

Withum

FEBRUARY 23, 2022

The AICPA Statement on Auditing Standards (SAS) No. The Standard was originally effective for audits of employee benefit plan (EBP) financial statements subject to the ERISA for periods ending on or after December 15, 2020, but was delayed one year to December 15, 2021 due to the COVID-19 pandemic. What is Changing?

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audit auditor financial statements public accounting 84

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

CPA Practice

APRIL 12, 2023

According to the Association of International Certified Professional Accountants, the number of U.S. students completing bachelor’s degrees in accounting declined from 57,500 in 2012 to 52,500 in 2020, a decrease of nearly 9%. Many courses taken to fulfill the requirement do not directly pertain to accounting or auditing.

Account 136

Account accountant accounted Education 136

Going Concern

NOVEMBER 11, 2022

‘There’s definitely an accountant shortage out there’: MBAs have become the go-to degree and companies are struggling to hire enough CPAs [ Fortune ]. Audit Fees Rise Only 2.5%, But Audits Require Greater Effort [ CFO ]. Many auditors responding to the FERF study noted an increase in effort by their teams (68%).

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Going Concern

MARCH 11, 2024

We’ll be doing an article shortly, in the meantime here are some quotes from INSIDE Public Accounting : Bob Cedergren, MNCPA board chair added, “I can tell you from my own experience, through conversations with colleagues throughout the country and the members of the MNCPA, that we have a significant shortage of CPAs.

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audit Minnesota Account accountant 64

Going Concern

SEPTEMBER 22, 2023

Miller was appointed vice president for finance in April 2020 and also serves as the university treasurer. Michael Harlow to Lead Cannabis Practice at CohnReznick [ INSIDE Public Accounting ] New York-based IPA 100 firm CohnReznick LLP (FY23 net revenue of $920 million) has named Michael Harlow as leader of its cannabis industry practice.

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audit accounting and finance Virginia auditor 87

Going Concern

MAY 18, 2022

While PCAOB inspection reports are only one indicator of how good or bad a public accounting firm’s audit quality is, it’s still pretty embarrassing when a firm gets a bad report card. From 2012’s inspection report to 2016’s report, BDO had an awful average audit failure rate of nearly 63%.

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audit auditor public accounting CPA 52

Going Concern

MAY 5, 2022

Alternate title: If You Are an Accounting Student, Expect to End Up In Audit When You Graduate. Ever since early 2020 we have been forced to learn how to go without, not always an easy task in our always-connected, on-demand, two-day-delivery world. Building relationships with academics. What can we extrapolate from this?

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auditor audit cpas CPA 52

Going Concern

NOVEMBER 30, 2023

Haoxin”), a mainland China-based registered public accounting firm, and four of its associated persons for violations that include issuing a false audit report, failing to maintain independence from their issuer client, and improperly adopting the work of another accounting firm as their own. auditing curriculum.

audit 64

audit auditor public accounting financial statements 64

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.

accountant salary 95

accountant salary Account accountant accounted 95

CPA Practice

OCTOBER 10, 2023

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. Challenges in Public Accounting The public accounting sector faces unique challenges.

Technology 105

Technology accounting firms Account accountant 105

CPA Practice

SEPTEMBER 14, 2023

As a result, Marcum recently had to pay financial penalties to the SEC and the Public Company Accounting Oversight Board (PCAOB) because of quality control failures and violations of auditing standards during its audits of special-purpose acquisition companies (SPACs).

audit 52

audit auditor accounting firms public accounting 52

Going Concern

OCTOBER 20, 2023

PKF Mueller Joins Cherry Bekaert to Expand Chicago Market Reach [ PR Newswire ] Cherry Bekaert is pleased to announce the completion of an acquisition transaction with PKF Mueller, a full-service certified public accounting and business advisory firm located in the metropolitan Chicago area.

CPA 101

CPA quickbooks Real Estate auditor 101

Going Concern

SEPTEMBER 25, 2023

Specifically, Fulton continued to transfer money between accounts, issue checks and wires to Nix’s gambling clients who won large bets, and helped Nix obtain bank loans to facilitate the gambling business. Between 2010 and 2020, Fulton charged Nix approximately $336,645 in professional fees for his financial services.

tax preparation 93

tax preparation Gambling Account accountant 93

CPA Practice

MAY 23, 2024

She also cites a need to drive the focus and identity of the profession to the work accounting and finance professionals do as trusted advisors. “We We should not describe ourselves by the products we deliver – auditor, tax preparer, etc…but by the value we add,” McCall says. “It

CPA 59

CPA accounting and finance cpas Massachusetts 59

Going Concern

FEBRUARY 5, 2024

Westberg Eischens has promoted Jordan Smith to partner, according to a news release from the public accounting and advisory firm. The next year he was hired as a staff accountant and worked with audits, reviews and compilations. 6 that promises to shape the future of first- and second-year accounting majors.

Account 64

Account accountant accounted auditor 64

Going Concern

SEPTEMBER 1, 2022

The numbers don’t lie: of 658,267 actively licensed CPAs in 53 of the 55 licensing jurisdictions, less than 1% are Black (2020 data), a number that has remained largely unchanged in 40 years. It wasn’t until 2015 that a woman became CEO of a Big 4 accounting firm for the first time. Accounting is miserable.

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cpas cma Real Estate accounting and finance 97

Going Concern

FEBRUARY 9, 2024

You gotta pay the piper,” Romeo Razi, a certified public accountant based in Las Vegas, tells CNBC Make It. The Use Of AI By Financial Executives And Their Auditors [ Forbes ] Artificial Intelligence (AI) is starting to have the capabilities to improve both financial reporting and auditing. accounting software?

Technology 83

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Going Concern

APRIL 21, 2023

Professor Laura Empson of Bayes Business School retells how these audit firms were beguiled by the glamour and big fees of corporate advisory work. In 2020, KPMG announced plans to increase the overall representation of Black and Latinx employees by 50% in 2025. Performance-related separations (a.k.a. 2023 KPMG U.S. KPMG faces $1.4-billion

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Account accountant accounted audit 103

ThomsonReuters

MAY 5, 2022

The HFCAA was enacted as a way to work through concerns around the inability of the PCAOB to conduct inspections of People’s Republic of China-based auditors of companies listed on US stock exchanges—especially given US investors’ increased exposure to China-based issuers over the past decade. Overview of the HFCAA.

Account 52

Account accountant accounted public accounting 52

Going Concern

MARCH 25, 2022

PCAOB cautions firms on use of outside service providers for audit confirmations [ Accounting Today ] The Public Company Accounting Oversight Board issued a Spotlight publication Monday containing some observations and reminders for auditing firms about relying on outside service providers for electronic audit confirmations.

tax return 52

tax return audit auditor cpas 52

Going Concern

MARCH 17, 2023

When evaluating the decision to pursue legislation, the MNCPA board focused on attracting students to the accounting degree and, ultimately, CPA certification. A decline in CPAs is affecting smaller cities, counties and school districts that are unable to find a CPA to perform their audits.

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cpas Education Minnesota accounting degree 97

ThomsonReuters

JANUARY 28, 2021

In 2020, we saw a flurry of COVID-19-related activity at the SEC designed to help companies navigate the business impact of the pandemic. SEC reporting and disclosure impacted by some key 2020 focus areas. In November 2020, the SEC’s Division of Corporation Finance released CF Disclosure Guidance: Topic No.

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audit Legal auditor Government 72

Going Concern

APRIL 20, 2022

As I snarkily mentioned last week , the AICPA has finally released its much-anticipated 2021 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits (or Trends , for short) report [PDF here ], a behemoth data dump of accounting industry stats first released in 1971 and released every two years since 2009.

Account 52

Account accountant accounted CPA 52

Going Concern

FEBRUARY 24, 2023

For public accounting firms in Minnesota: Minnesota public accounting firms, no longer being able to practice freely across state lines, would need to provide advance notice and gain a practice permit before signing any client engagement agreement or providing any public accounting service.

Minnesota 96

Minnesota Illinois cpas CPA 96

Going Concern

AUGUST 11, 2023

Accounting and advisory firm Grant Thornton trimmed about 3% of its ranks in June. Firm Watch SingerLewak Grows in Pacific Northwest With Acquisition [ INSIDE Public Accounting ] Los Angeles-based IPA 100 firm SingerLewak (FY22 net revenue of $89.6 million) is merging in Hearthstone CPA Group of Bremerton, Wash.

Account 81

Account accountant accounted Tennessee 81

ThomsonReuters

JULY 11, 2023

Adjusting to a shrinking accounting talent pool Accounting and audit firms, including the SEC, find talent pipelines shrinking on both sides. Bureau of Labor Statistics projects the employment of accountants and auditors to grow 6% from 2021 to 2023, with the average number of annual openings around 136,400.

Technology 73

Technology Account accountant accounted 73

Going Concern

JANUARY 12, 2024

Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. Long Reads How Auditor Deloitte Missed A Nigerian Company’s Massive Fraud [ Forbes ] Hindenburg Research, known for sniffing out corporate scams, took aim in June at an obscure Nigeria-based outfit named Tingo Group. Tingo paid $1.6

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audit auditor Illinois CPA 96

Going Concern

JUNE 24, 2024

.” Fortune wrote about some troubles with Deloitte-managed state Medicaid services : The systems have generated incorrect notices to Medicaid beneficiaries, sent their paperwork to the wrong addresses, and been frozen for hours at a time, according to findings in state audits, allegations and declarations in court documents, and interviews.

Account 77

Account accountant accounted audit 77

Going Concern

JUNE 23, 2023

Office Hours: CPA Firms Shift Toward More In-Person Collaboration and More Square Footage [ INSIDE Public Accounting ] Three years after accounting professionals were forced home by COVID and then back to the office, at least part of the time, firms are beginning to settle into a new normal.

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cpa firm CPA auditor North Carolina 100

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.

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audit public accounting auditor Management Consulting 113

Going Concern

JANUARY 20, 2023

Practice Management How firms use stay interviews to boost retention [ Journal of Accountancy ] Job interviews have long been an essential part of the hiring process. But now, some public accounting firms are turning the lens on themselves.

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auditor Technology audit financial statements 93

Going Concern

MARCH 1, 2024

Meanwhile, the audit side is under increased regulatory pressure because of perceived lapses in audit quality at accounting firms of all sizes. Last year, the median salary for full-time entry-level accounting jobs was roughly $62,500, up from about $50,000 in 2020, according to Handshake data. This might be good.

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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.

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auditor audit public accounting Education 90

Going Concern

AUGUST 14, 2023

When you woke up this morning did you let out a big yawn and then ask yourself “how can audit firms respond to ongoing regulatory scrutiny?” PCAOB staff expects approximately 40% of the audits reviewed in 2022 will have one or more deficiencies, up from 34% in 2021 and 29% in 2020. The firm, BST & Co.,

audit 52

audit Account accountant accounted 52

inDinero Accounting

MAY 5, 2021

The thought of a compliance audit makes most people sweat. Currently, the SBA is conducting first-round PPP audits. Get our handy infographic on the likelihood of a PPP audit. inDinero clients have a team of accounting and tax expertise to ensure accurate financials are fit for business management, investors, and taxes.

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