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few states that were “grandfathered” and were allowed to charge tax on internet access; these grandfathered rules have been revoked as of July 1, 2020.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.

Tax 246

Tax California auditor Sales 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.

audit 125

audit auditor accounting firms Government 125

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.)

auditor 59

auditor audit financial statements accounting firms 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 Account 130

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.

tax preparation 246

tax preparation Tax cpa firm tax return 246

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 119

auditor audit CPA Government 119

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

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

auditor 59

auditor audit 59

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%

audit 116

audit auditor 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

auditor 111

auditor audit Sales Tax 111

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.

audit 106

audit auditor Real Estate financial statements 106

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.

Account 136

Account accountant accounted Education 136

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.

audit 98

audit auditor accounting firms cpas 98

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?

audit 83

audit auditor Maryland cpas 83

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.

audit 98

audit auditor accounting firms financial statements 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.

audit 105

audit auditor Legal Transportation 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.

audit 111

audit auditor Illinois CPA 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.

auditor 110

auditor audit public accounting Education 110

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 106

audit auditor Real Estate financial statements 106

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

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

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 111

accountant salary Account accountant accounted 111

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

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.

auditor 59

auditor audit accounting and finance accounting firms 59

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

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

audit 110

audit Real Estate financial statements auditor 110

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. Many auditors responding to the FERF study noted an increase in effort by their teams (68%).

audit 98

audit auditor Louisiana cpas 98

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.

bookkeeping 98

bookkeeping auditor audit quickbooks 98

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 Marcum, the top IPO auditor in Q1 of 2022, had the most total IPO audit clients in Q2 with 10, six of which were SPACs. After a slow first quarter of 2022 , initial public offerings didn ’t take off in the second quarter either.

audit 97

audit auditor public accounting accounting firms 97

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

SEPTEMBER 27, 2022

Last week the Securities and Exchange Commission charged Friedman LLP with with improper professional conduct for failing to comply with the standards of the Public Company Accounting Oversight Board while conducting audits of two public companies from 2017 through 2020. In its fiscal 2017 to 2020 audit of supermarket chain iFresh, Inc.,

audit 21

audit financial statements auditor Account 21

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 98

auditor audit financial statements Account 98

Withum

OCTOBER 3, 2023

Remember that there are two separate filing deadlines for 2020 claims and for 2021 claims. The deadline to file 2020 claims is April 15, 2024, and the deadline to file 2021 claims is April 15, 2025. The IRS was already on heightened alert for improper ERC claims, and IRS auditors are already working these cases on expedited timelines.

income tax 122

income tax audit tax return Tax 122

Going Concern

FEBRUARY 24, 2023

This event did not come about because China suddenly warmed to the PCAOB, rather Congress urged their cooperation along with the Holding Foreign Companies Accountable Act of 2020, threatening delisting from American exchanges if they did not comply.

audit 106

audit auditor accounting and finance Washington 106

Going Concern

SEPTEMBER 12, 2023

The SEC order has specifics: In 2020 and 2021, over 860 SPACs completed initial public offerings (“IPOs”) in the United States. In 2019, Marcum had served as the auditor for only 185 public company issuers; by 2022, Marcum was responsible for auditing over three times that number—a total of 575 issuers, the majority of which were SPACs.

audit 116

audit public accounting auditor Management Consulting 116

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 86

audit auditor accounting firms accounted 86

Going Concern

JANUARY 6, 2023

We selected for review 30 audits of issuers with fiscal years generally ending in 2020. 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%

audit 98

audit Real Estate financial statements auditor 98