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.

auditor 52

auditor audit cpas CPA 52

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.

auditor 52

auditor Construction audit Government 52

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.

financial statements 52

financial statements audit auditor public accounting 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.

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auditor accounting jobs accounts jobs accountant jobs 52

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

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audit auditor financial statements Maine 121

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.

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auditor audit accounting and finance accounting firms 59

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!

audit 116

audit auditor financial statements Construction 116

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 Tax 111

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

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.

Government 246

Government accrual accounting quickbooks accountant 246

CPA Practice

SEPTEMBER 5, 2023

29 fined top 50 firm Warren Averett $200,000 for auditor independence violations during the 2019 and 2020 audits of an issuer. During the 2020 fiscal year, BDO performed certain derivative valuation services for CytoDyn. Warren Averett audited the BDO valuation work as part of its 2019 and 2020 audits of CytoDyn.

auditor 52

auditor audit accounting firms financial statements 52

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.

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audit auditor accounting firms financial statements 98

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.

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audit auditor accounting firms cpas 98

Accounting Today

OCTOBER 11, 2023

When Caroline Ellison asked the former CEO in 2020 whether the line of credit would show up in FTX's audit, he said, "don't worry, the auditors aren't going to look at that," she testified.

audit 75

audit auditor 75

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.

audit 124

audit auditor accounting firms Government 124

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.

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audit auditor Illinois CPA 111

Withum

JANUARY 29, 2021

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auditor 111

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

auditor 111

auditor audit Tax Sales 111

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

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.

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audit auditor Real Estate financial statements 105

CPA Practice

MAY 15, 2023

Compared to Q1 2022 , total proceeds dropped 72%, continuing the IPO malaise that has occurred since the surge of companies that went public in 2020 and 2021. In addition, Q1 2023 saw a substantial decrease in the total amount raised compared to offerings completed in the first quarter in each of the last five years.

auditor 52

auditor audit accounting firms accounted 52

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.

auditor 105

auditor audit financial statements Account 105

Going Concern

SEPTEMBER 29, 2023

From the SEC : The Securities and Exchange Commission today announced charges against accounting firm Prager Metis CPAs, LLC and its California professional services firm, Prager Metis CPAs LLP, (together, Prager) for violating auditor independence rules and for aiding and abetting their clients’ violations of federal securities laws.

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cpas auditor audit California 64

Going Concern

FEBRUARY 15, 2024

Dozens of former Credit Suisse officials and the auditor KPMG won the dismissal of a U.S. And: KPMG was accused of “active complicity,” with its New York offices being “all but part of” Credit Suisse’s nearby offices, before PricewaterhouseCoopers became the bank’s auditor in 2020.

auditor 59

auditor New York 59

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.

audit 98

audit auditor financial statements Start-ups 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. “We

audit 59

audit auditor Account accountant 59

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.

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cpa firm CPA auditor North Carolina 105

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.

audit 105

audit auditor Legal Transportation 105

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.

accountant salary 110

accountant salary accountant Account accounted 110

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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audit auditor Maryland cpas 83

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.,

audit 92

audit auditor accounting firms Account 92

CPA Practice

MAY 14, 2024

The Public Company Accounting Oversight Board (PCAOB) has overhauled its decades-old quality control requirements for audit firms by adopting a new standard on May 13 designed to put the onus squarely on auditors and executives. Firms themselves have also changed significantly, as has the role of firm networks.

auditor 69

auditor audit accounting firms financial statements 69

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

audit 105

audit auditor Real Estate financial statements 105

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. “We

audit 52

audit auditor Account accountant 52

CPA Practice

SEPTEMBER 17, 2024

Prager Metis also settled separate charges that it violated SEC auditor independence rules. Gurbir Grewal “Effective investor protection requires a collaborative approach that includes both regulators and gatekeepers, such as auditors. In addition, the firm agreed to be censured. This settlement is also subject to court approval.

audit 59

audit auditor cpas financial statements 59

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.

Government 130

Government accrual accounting quickbooks accountant 130

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%

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audit auditor 116