Accounting Today

NOVEMBER 14, 2023

Average audit fees increased by 4.6% from 2021 to 2022, and more auditors are using data analytics in their audits, according to a new report.

auditor 129

auditor audit Technology 129

Going Concern

JANUARY 13, 2023

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. From 2016 until its 2020 inspection report, Grant Thornton had an average audit failure rate of about 21%. Seven of the 31 audits we reviewed in 2021 are included in Part I.A

audit 105

audit auditor Real Estate financial statements 105

Going Concern

OCTOBER 19, 2022

Yesterday, the PCAOB announced a settlement in which audit partner Jonathan B. Taylor added or modified approximately 80 audit work papers before providing the improperly altered documentation to PCAOB inspectors for a 2021 inspection. Wanna alter work papers and then double down when you’re caught?

audit 111

audit auditor Gaming 111

TaxConnex

MAY 18, 2021

As we entered 2021, many industry experts believed that state? sales tax audits ?were sales tax audits to become more common over the next two years. sales tax audits to become more common over the next two years. of respondents said they believe audit levels?will ramping up audits remains?anecdotal,?but

audit 209

audit auditor Missouri Sales 209

Going Concern

APRIL 3, 2023

Up north, the Canadian equivalent of the PCAOB has said that audit quality in America’s hat is on the decline and that the level of significant findings at non-annually inspected firms is “concerning.” In 2022, 13 audit firms were operating under CPAB enforcement actions for most of the year, up from nine in 2021.

audit 122

audit public accounting Real Estate accounting firms 122

CPA Practice

MAY 26, 2023

It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). The IRS is actively auditing and conducting criminal investigations related to these false claims. Subsequent legislation extended the ERC into 2021 and enhanced it. How does the ERC work?

audit 138

audit general ledger income tax tax return 138

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 accounted Account accountant 111

CPA Practice

MAY 21, 2024

Top 200 accounting firm MaloneBailey was fined $400,000 by the Public Company Accounting Oversight Board (PCAOB) on May 21 for what the audit regulator calls “pervasive quality control violations.”

audit 64

audit accounting firms accounted Account 64

CPA Practice

MAY 25, 2023

It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). The IRS is actively auditing and conducting criminal investigations related to these false claims. Subsequent legislation extended the ERC into 2021 and enhanced it. How does the ERC work?

audit 130

audit general ledger income tax tax return 130

CPA Practice

MARCH 11, 2024

The results of The 2024 North American Pulse of Internal Audit Survey , from the Internal Audit Foundation, finds a growing profession, with Chief Audit Executives (CAEs) more than twice as likely to have increased staff (26%) than to have decreased staff (9%). These results point to a dynamic and evolving profession.”

audit 95

audit auditor CPA Government 95

CPA Practice

AUGUST 8, 2023

Champions of audit quality will not be happy with this news from the Public Company Accounting Oversight Board (PCAOB). A staff report released by the audit regulator late last month shows a year-over-year increase in the number of audits with deficiencies at audit firms that the PCAOB inspected in 2022. In Part I.B

audit 98

audit accounting firms accounted Account 98

CPA Practice

OCTOBER 16, 2023

The projected gross tax gap—the difference between the total taxes owed to the federal government and how much is collected on time—increased to $688 billion for tax year 2021, the IRS said on Oct. That estimated compliance behavior is projected forward to taxpayers in tax years 2020 and 2021, the IRS said.

Tax 116

Tax audit Government accounted 116

Going Concern

SEPTEMBER 8, 2023

Another tipster said CBIZ was trimming staff in audit “in connection with that” though we didn’t get any numbers because no one ever talks about CBIZ, you probably forgot they existed until just now. The top ten firms collectively audit 68% of the total population. I’ll do some digging in the meantime.

audit 122

audit Gaming Real Estate Construction 122

ThomsonReuters

NOVEMBER 16, 2020

In looking forward to your 2021 audit planning, the peer review process is often met with many fears or uncertainties. Together, they provide some tips and examples on how to proactively avoid those audit challenge s and combat the biggest fears that develop alongside peer reviews. .

audit 52

audit auditor Maine CPA 52

Going Concern

JANUARY 25, 2023

Based on the 2021 PCAOB inspection reports we ’ve reviewed so far, the audit firm that would win the “most improved” award is RSM US. From 2017 to 2020, RSM had an average yearly audit failure rate of 42%, including failing 46% of its audits reviewed by PCAOB inspectors in 2020.

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audit auditor financial statements accounted 52

MyIRSRelief

MAY 19, 2023

Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems. Regardless of the reason, a tax audit can be a stressful and time-consuming process, requiring you to gather and provide extensive documentation to support your tax returns.

New York 147

New York payroll tax payroll audit 147

CPA Practice

SEPTEMBER 20, 2023

billion—that was the total audit fees paid by the S&P 500 companies in fiscal year 2022, a record-high amount, according to a recent analysis from Ideagen Audit Analytics. However, the nearly 4% increase in audit fees over FY 2021 was less than the year-over-year inflation rate in 2022 of 6.5% in the U.S.,

audit 105

audit auditor accounting firms Tax 105

Going Concern

NOVEMBER 14, 2023

The PCAOB today announced settled disciplinary orders sanctioning Greece-based PricewaterhouseCoopers Auditing Company SA (PwC Greece) and its partner Nicos George Komodromos for violations of PCAOB rules and standards in connection with the audit of the 2016 financial statements of Aegean Marine Petroleum Network Inc.

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audit financial statements auditor accounting and finance 118

Going Concern

JUNE 29, 2022

The hardworking human beings at Audit Analytics have released their analysis of initial public offering trends and IPO auditor market share for the first quarter of this year , a period in which the number of companies going public was minuscule compared to Q1 of 2021. Marcum and Withum combined audited 49.3%

audit 105

audit auditor New York financial statements 105

CPA Practice

AUGUST 9, 2023

billion between April 1 and June 30, according to a recent analysis from Audit Analytics. billion) 2021 : 181 ($85.7 billion, while six special purpose acquisition company (SPAC) IPOs raised total proceeds of $980 million, according to Audit Analytics. PwC is the company’s audit firm, according to Kenvue’s Form 8-K.

audit 98

audit cpas accounting firms accounted 98

MyIRSRelief

SEPTEMBER 1, 2022

In particular, the expansion of the IRS and it tax enforcement arm will result in more taxpayers seeking IRS audit & appeals help as it comes into effect starting next year. Understanding the expansion of the IRS and how it affects you will assist in reducing the chances that you will be audited. Services to Taxpayers: +$3.2

audit 130

audit tax return Tax Education 130

Going Concern

FEBRUARY 15, 2023

435 in 2021) in monthly office rent. The only other listed entity we found that it audits has a market capitalization of about INR 640 million (U.S. Shah Dhandharia hardly seems capable of complex audit work. The post Grant Thornton Scores Coveted ‘Hot Garbage’ Audit appeared first on Going Concern.

audit 116

audit auditor accounting firms Government 116

Withum

JULY 28, 2022

Multiple businesses notified us this week that their claims for the employee retention credit (ERC) are being audited by the IRS. It is not known whether they were randomly selected for audit or whether they were targeted for some reason. We have written previously about the topics the IRS is likely to inquire about on audit.

audit 121

audit income tax tax return Tax 121

Going Concern

JANUARY 8, 2024

Hey remember the Bloomberg story last March about how staff shortages at audit firms were causing municipal credit ratings to tank ? S&P has placed 149 long-term, underlying and program ratings on a negative credit watch this year because the ratings company hasn’t received 2021 financial statements from the issuers.

Wyoming 126

Wyoming audit Government Montana 126

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.

audit 69

audit auditor Tax accounting firms 69

TaxConnex

JANUARY 21, 2021

If your online company looks to expand its interstate sales in 2021, know one thing: Your plan involves risks and new responsibilities. Being audited. The key is learning how to manage both, as sales tax non-compliance or errors can bring stiff penalties. You’re not alone. Keeping up with changing nexus rules in each state.

Sales 142

Sales Tax tax return audit 142

CPA Practice

JUNE 15, 2023

The IRS miscalculated 2021 child tax credit payments for thousands of eligible taxpayers as of May 5, 2022, according to a new report from the Treasury Inspector General for Tax Administration. The results of a TIGTA audit, which was released on June 14, found that: 6,833 taxpayers potentially received $10.5 This process uncovered 3.8

tax return 131

tax return Tax tax accountant Technology 131

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. From February 2021 to April 2022, Prager Metis issued two audit reports for FTX that falsely misrepresented that the audits complied with Generally Accepted Auditing Standards (GAAS).

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audit auditor cpas financial statements 59

CPA Practice

AUGUST 15, 2023

Shortly after criticizing audit firms for the number of errors they made on public company audits reviewed by PCAOB inspectors last year, the audit watchdog doled out sanctions to 12 accounting firms from July 28 to Aug. 11 for breaking various auditing rules. Snodgrass, Mancera S.C.,

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audit auditor accounting firms cpas 98

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.

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audit auditor financial statements accounted 52

ThomsonReuters

JUNE 15, 2023

How is the growing focus on ESG affecting the audit profession? As an area that is still developing, and – from an audit and accounting standpoint – still in its infancy, it can feel a bit like the Wild West. What are some of the key challenges that audit firms face when auditing ESG disclosures?

audit 96

audit auditor Education Tax 96

Going Concern

OCTOBER 26, 2023

A gent who spent nine months as an audit associate at Grant Thornton’s Manchester office got a letter from them a year after leaving that apologized for inadvertently paying him less than minimum wage. Yavinka Mendis, a University of Manchester economics graduate, joined KPMG’s Manchester office as an audit associate in 2019.

audit 110

audit Start-ups accounting firms accounted 110

Going Concern

FEBRUARY 28, 2024

Across the pond, EY is earning headlines for its abandoning the Wokingham Borough Council, a government locale in the southeast of England with a population of 177,500, after barely completing an audit for 2020/21. But after long delays, EY announced in February that it will leave two years’ audit reports incomplete.

audit 59

audit accounting and finance Government accounting firms 59

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. million back in 2021 “for allegedly defrauding investors out of tens of millions of dollars in connection with a 2019 special purpose acquisition company (SPAC) business combination.”

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audit auditor financial statements accounted 98

CPA Practice

JUNE 21, 2023

The PCAOB said on Wednesday that the $3 million penalty it gave Marcum is the largest doled out to a “non-affiliate firm,” meaning an audit firm that isn’t a member of a global network. The SEC’s order said Marcum’s quality control failures were not limited to SPAC clients. “[T]he

audit 96

audit Non-Profits auditor accounting firms 96

Going Concern

OCTOBER 21, 2022

The Globe and Mail reports : One of Canada’s Big Four auditing firms continues to have a significant number of problems in its work, the national industry regulator has found. The other three had these significant findings in fewer than 10 per cent of audits. One firm had findings greater than 20 per cent.

audit 98

audit public accounting Start-ups accounted 98

CPA Practice

APRIL 26, 2023

The report outlines plans to increase the focus on fraud-related audit procedures, continue prioritizing risks related to material digital assets, and continue selecting audits in the financial services sector for inspection, among other priorities.

audit 52

audit auditor accounted Account 52