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SMBAccountant
JULY 14, 2020
did work for a customer and sent them an invoice on 6/25/2020. They did not receive payment for the invoice until 7/3/2020. The issue is that auditors don’t arrive only after the fiscal year has been closed. For example: Doe Co. Using cash basis accounting, Doe Co.
246 
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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Going Concern
NOVEMBER 1, 2022
In short, things are not looking so hot for upside down auditors. Auditors are tired. You’ll note Australia is struggling with the same auditor shortages as every other market. May God have mercy on auditors’ souls. via Australian Financial Review. Ready for this? last year for year-end inventory counts.
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TaxConnex
FEBRUARY 27, 2024
million accountants and auditors in the U.S. from 2020 and down 15.9% Are they experienced with auditors? The accounting education pipeline is drier than ever even as accounting degrees require many additional course hours. There were about 1.65 in 2022, up 1.3% from the previous year but down 2.6% What’s their customer service?
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Withum
JANUARY 29, 2021
(..)
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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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Going Concern
MARCH 19, 2025
Each of them violated PCAOB Rule 3211 , Auditor Reporting of Certain Audit Participants, by “failing to accurately disclose on PCAOB Form AP the participation in firm audits of other accounting firms, including, among others, component auditors, shared service centers, and critical audit matter hub.”
52 
Going Concern
JULY 31, 2023
The PCAOB’s new rules would widen auditors’ responsibility to scrutinise whether a company is complying with laws and regulations, and to communicate more of their concerns to a company’s board of directors. and Congressman Jason Smith, R-Mo., ’ It doesn’t exist anymore,” Schweikert told The Center Square.
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Going Concern
DECEMBER 13, 2024
Accountants and regulators have questioned whether the independence of auditors can be preserved or not under new buyers. Research The war for accounting talent can make corporate audits worse [ Phys.org ] The first quarter of the calendar year is not a great time to be an auditor at a public accounting firm. Grant Thorntons U.K.
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Going Concern
DECEMBER 10, 2022
of the individual audit firm’s inspection reports, up from 29% in 2020. of the individual firm’s inspection reports, up from 26% in 2020. deficiencies, compared to 44% in 2020. deficiencies, compared to 44% in 2020. Some audits have both Part I.A and Part I.B and/or Part I.B Some audits have both Part I.A and Part I.B
121 
TaxConnex
SEPTEMBER 22, 2020
There were a few states that were “grandfathered” and were allowed to charge tax on internet access; these grandfathered rules have been revoked as of July 1, 2020. At the worst, an auditor could assess you the full tax amount, and you would have to work with your carrier for a refund.
246 
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. Hindenburg backs up these claims with copies of the auditors’ IDs, Adani Group said publishing this information showed a “brazen disregard of personal privacy and safety.” Batliboi & Co.
124 
SMBAccountant
JULY 14, 2020
did work for a customer and sent them an invoice on 6/25/2020. They did not receive payment for the invoice until 7/3/2020. The issue is that auditors don’t arrive only after the fiscal year has been closed. For example: Doe Co. Using cash basis accounting, Doe Co.
130 
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.)
59 
AdviceForTaxpreparers
SEPTEMBER 8, 2020
Issue 3: I am an accounting major, auditor, or I don’t have enough experience in tax to promote the book. Earn $20 per Book Promoting My Tax Preparer Book from Home in Your Spare Time - September 9, 2020. Copyright © 2020 · Dynamik-Gen · Genesis Framework by StudioPress · WordPress · Log in Facebook Twitter LinkedIn.
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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.
118 
CPA Practice
NOVEMBER 25, 2024
Ray was appointed to her first term on the GASB in 2020. She is the former Colorado state auditor, having served in that role for 10 years. Prior to becoming a state auditor, Ms. Ray was the deputy state auditor for the Office of the State Auditor (OSA), for the state of Colorado.
52 
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.)
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Going Concern
JULY 2, 2024
For the second straight inspection cycle, the PCAOB found significant mistakes in more BDO audits than ones without (16 out of 30 in 2021 and 13 out of 24 in 2020 ). failure rate in its 2020 inspection report with a failure rate of 53.3% As a result, BDO followed its 54.2% There’s more!
116 
Going Concern
DECEMBER 13, 2022
of the individual audit firm’s inspection reports, up from 29% in 2020. of the individual firm’s inspection reports, up from 26% in 2020. deficiencies, compared to 44% in 2020. deficiencies, compared to 44% in 2020. Mom is getting ready to turn this car around if auditors don’t get it together. and Part I.B
59 
Accounting Insight
JANUARY 7, 2025
LeaseJava provides support for lease modifications without the need to create a new lease, as modifications can easily be added to existing leases, considerably simplifying the process for auditors. ” The acquisition marks Casewares eighth acquisition since Hg Capital acquired majority ownership in late 2020.
Going Concern
JANUARY 13, 2023
From 2016 until its 2020 inspection report, Grant Thornton had an average audit failure rate of about 21%. rate in 2020 , which was an all-time best for Grant Thornton. Of the six 2021 PCAOB inspection reports released before the holidays, we ’ve so far taken a look at five: PwC , Deloitte , EY, KPMG , and BDO USA.
105 
Going Concern
JULY 7, 2022
Audit Analytics recently released its annual market share analysis of auditor engagements at public companies , and the top 10 firms by registrant counts in 2022 are unchanged from last year: EY, Deloitte, PwC, KPMG, Marcum, Withum, Grant Thornton, BDO, BF Borgers, and RSM. Together, these 10 firms audit 68.8%
116 
Going Concern
JUNE 29, 2023
Reports Financial Times : The firm’s junior auditors were told on a webcast last week that the pay band for one cohort would be frozen while others would increase by 3 or 6 per cent, resulting in real-terms pay cuts, firm insiders told the Financial Times. billion ($2.2 billion ($2.2
111 
CPA Practice
APRIL 12, 2023
students completing bachelor’s degrees in accounting declined from 57,500 in 2012 to 52,500 in 2020, a decrease of nearly 9%. Aspiring auditors and experienced professionals alike are recognizing the shortcomings of the educational and billable hour metrics.
136 
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?
83 
CPA Practice
AUGUST 15, 2023
Snodgrass —failed to obtain audit committee pre-approval in connection with providing audit and/or non-audit services to issuer audit clients, in violation of PCAOB Rule 3520, Auditor Independence , and for two of the three firms (BPM and Plante Moran) PCAOB Rule 3524, Audit Committee Pre-Approval of Certain Tax Services.
98 
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.
98 
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. EY did not admit any failings by its Middle East business.
105 
Going Concern
JANUARY 12, 2024
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. These issues were apparently not glaring enough for the company’s auditor, however.” Tingo paid $1.6 in 2021/22.
111 
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.
109 
Going Concern
DECEMBER 30, 2022
We selected for review 56 audits of issuers with fiscal years generally ending in 2020. EY auditors did get a 100% on their four audits of issuers in communication services, so they got that going for them. The Black and Yellow had been slowly but surely not screwing up as many audits in recent years. The most common Part I.A
105 
Going Concern
JUNE 23, 2023
That train departed the station in March of 2020,” says Brandon Smith, chief human resources officer at LMC in New York City. today is still less than half of March 2020 levels, according to data from security provider Kastle. Expect 2023 enforcement against auditors to focus on quality control, culture, ethics and integrity.
105 
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. Moss Adams.
Going Concern
MAY 5, 2022
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. On top of the overall pipeline issue, we’ve heard grumblings of auditor shortages for years. The post Are Auditors Becoming as Hard to Find as a PS5? Photo by Kate Trifo.
52 
Going Concern
APRIL 1, 2022
Overall employment in professional and business services was 723,000 higher than in February 2020. public companies more than doubled in 2020, according to the 2021 U.S. In 2015, an AICPA exposure draft said the AICPA estimates that approximately 75% of its members will be eligible to retire by 2020. That’s one way to go.
52 
Going Concern
NOVEMBER 14, 2023
While 75% of CPA’s reached retirement age in 2020, the good news is that finance and accounting are now ranking as top career choices among Gen Z candidates. And: Despite a complex economy that requires more guidance from financial and accounting professionals, there’s a serious talent shortage that’s going to worsen in the next few years.
Going Concern
JULY 26, 2023
Williams does not have severe audit firm-induced trichotillomania (to our knowledge) because here she is again warning auditors that the PCAOB is tired of them being so terrible at auditing. That is up 6 percentage points from 2021, which was 5 points higher than the deficiency rate in 2020. and non-U.S.
98 
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.
105 
Going Concern
AUGUST 25, 2022
The city of Palo Alto, CA is looking for a new city auditor after its last one, Kyle O’Rourke, resigned from his role at Baker Tilly on August 15. By a unanimous vote, the council agreed to ask Baker Tilly to make up to three individuals available for interviews to become the city’s interim city auditor.
52 
Going Concern
SEPTEMBER 29, 2022
Add to that the issue of baby boomer retirements and an entire class of auditors who were trained by Zoom at the beginning of the pandemic now reaching the point where they are expected to train associates below them despite they themselves still struggling and…well. .” 100% penalties. Record fines. Read her full remarks here.
59 
CPA Practice
APRIL 15, 2023
Following a split, EY would have been able to advise companies for which it also acted as auditor. It drew ire from US executives—including senior executives like John King and Frank Mahoney—as they wanted auditors to get a bigger bite of the lucrative tax practice pie. One of the Big Four accounting giants in the U.S.,
92 
Going Concern
JANUARY 4, 2023
We selected for review 54 audits of issuers with fiscal years generally ending in 2020. The good news for KPMG is its deficient rate for 2021 was slightly better than the one in its 2020 auditing report card —26% vs. 26.4%. For each issuer audit selected, we reviewed a portion of the audit. The most common Part I.A
110 
CPA Practice
APRIL 19, 2023
When FTX learned in 2020 that in order to be listed on NASDAQ, the company would need to have its policies and procedures audited, senior management allegedly scrambled to fraudulently make up policies that could be shown to auditors within just 24 hours. To be clear, such is NOT life.
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