Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? the auditor of Tesla Korea, about the company’s financial statements for last year.

CPA 105

CPA auditor Tax audit 105

Going Concern

JANUARY 20, 2023

“There’s a war for talent,” said Phil Whitman, CPA, CEO and president of Whitman Transition Advisors LLC, a consultancy that provides recruiting, M&A advising, and other services for accounting firms. The HSBC audit is by a distance the most expensive on the London Stock Exchange ahead of those at Barclays and Shell.

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auditor Technology audit financial statements 98

Going Concern

MARCH 24, 2023

Reminder: you have until April 17 to weigh in on a proposal to extend the CPA exam window Practice Is it time for firms to transform their business model? Auditors have done so too. Auditors Are Demanding Concessions in Split [ Wall Street Journal ] Ernst & Young’s renegade U.S.

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auditor Entertainment audit Real Estate 105

Going Concern

JUNE 23, 2023

The CPA Journal ] Generation Z is beginning to enter the workforce, bringing with it a demographic shift that will affect every facet of American society, including the accounting profession. Expect 2023 enforcement against auditors to focus on quality control, culture, ethics and integrity. My concern is that it goes beyond KPMG.”

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cpa firm CPA auditor North Carolina 105

Going Concern

OCTOBER 20, 2023

Local CPA weighs in on accountant shortage [ WMDT ] The Salisbury, MD news spoke to a UHY partner about the issue. CPA at UHY Group Mark Welsh tells 47ABC that recruiting slowing down has meant firms are turning to AI, Bots, and international workers to help fill demand, raising prices as much as ten percent for end-users. Welsh said.

CPA 111

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Going Concern

APRIL 7, 2023

Big Four Auditors and Consultants Need Liability—And a Divorce [ Bloomberg Tax ] Part of the problem is the revolving door of personnel between the major accounting firms and the banks they purport to audit. Last month, audit firm BDO issued a so-called qualified opinion for Revolut’s 2021 accounts. Flexibility is your policy.

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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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auditor accountant Account accounted 98

Going Concern

MAY 5, 2022

Here’s a 2015 AICPA article that sort of cosigns my foggy recollection : The profession’s focus on the CPA pipeline has long been a priority. That will continue, with new approaches to attracting, engaging and inspiring the future generation of CPAs. Aaaand the same chart from 2021 [full report can be downloaded here ].

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Going Concern

JULY 29, 2024

Here they talk about the changing face of accounting firms : While the profession is taking a concerted, multi-pronged approach to increasing the number of accounting graduates and prospective CPAs, IPA 100 firms have had to pivot due to the small pool of potential hires in the meantime. The percentage of non-CPA professionals was 50.3%

CPA 116

CPA accountant Account accounted 116

Going Concern

MAY 12, 2023

According to Accountancy Age’s latest 50+50 report, in 2022, the average staff attrition rate rose to 17.89% across the sector, compared to 14.69% in 2021. Fired: job search or CPA exam? The post Friday Footnotes: CPA Exam Scares Accounting Majors Away; EY Loses Fees in China | 5.12.23 The accountancy sector is no exception.

CPA 111

CPA accountant Account accounted 111

Going Concern

JANUARY 6, 2023

2024 CPA Exam Blueprints released [ Journal of Accountancy ]. Money Diary: A Senior External Auditor On 54k [ Refinery29 ]. “I’m 27 years old and currently working as a senior external auditor at an accounting firm in London. I’m an immigrant and I moved to the UK in 2021. ” Employment.

cpa firm 52

cpa firm CPA New Hampshire Ohio 52

Going Concern

MAY 20, 2024

Illinois CPA Society has issued a new pipeline report: Re-Decoding the Decline. The findings provide invaluable insights the CPA profession and its stakeholders cannot ignore while trying to counter the persistent decline in the number of individuals pursuing the CPA credential. Can someone send us those slides ?

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audit auditor accountant Account 105

TaxConnex

FEBRUARY 27, 2024

million accountants and auditors in the U.S. More than 300,000 accountants quit their jobs between 2019 and 2021, data show.” Are they experienced with auditors? “There were about 1.65 in 2022, up 1.3% from the previous year but down 2.6% from 2020 and down 15.9% What’s their customer service?

Sales 224

Sales Tax accountant Account 224

CPA Practice

AUGUST 6, 2024

Sikich Visionary Scholarship in partnership with the Illinois CPA Society (ICPAS) to honor the firm’s founder, Jim Sikich. He is also a certified public accountant (CPA), certified fraud examiner (CFE), certified anti-money laundering specialist (CAMS), and certified internal auditor (CIA).

Pennsylvania 105

Pennsylvania Illinois accounting internships Ohio 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.” in 2021/22. Tingo paid $1.6

audit 111

audit auditor Illinois CPA 111

Going Concern

NOVEMBER 24, 2023

EY moved to a hybrid work policy in 2021 “with the expectation that most of its people will normally spend at least two days a week working remotely”. Declining enrollments and decreased numbers of CPA candidates have presented formidable challenges for institutions of higher learning.

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auditor audit tax return cpas 116

Going Concern

APRIL 1, 2022

ARB’s auditor Messrs BDO voluntarily resigns after failure to reach agreement on proposed increase of audit fees [ The Edge ] Expect to see a lot of this going forward: ARB Bhd on Friday (April 1) announced its auditor Messrs BDO PLT (BDO) has voluntarily resigned. Andrea Carr CPA (@andreacpa0) March 31, 2022. is it over yet?

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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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Going Concern

OCTOBER 18, 2024

Since 2021, the EU’s Corporate Sustainability Reporting Directive (CSRD), which requires large companies to report on their environmental and social impact, has compelled organisations to consider vastly more data points across the different functional areas of their organisation and supply chains.

audit 104

audit auditor New York accounting firms 104

Going Concern

SEPTEMBER 23, 2024

Jack Castonguay, who used to be a favorite follow of ours on Twitter before he dipped out from the platform in protest, has written about FTX for CoinDesk : In situations like this, it’s always easy to play Monday morning quarterback and say this could have happened to any auditor and any client. But here, the failure was idiosyncratic.

auditor 104

auditor accountant Account accounted 104

Going Concern

SEPTEMBER 29, 2023

CPA Exam Friendly reminder, deadlines to apply for BEC before the new exam in 2024 are quickly approaching. CPA Exam Candidates: You Better Hurry Up and Apply For BEC Before It’s Gone Forever Also, WTF? CPA Exam Candidates: You Better Hurry Up and Apply For BEC Before It’s Gone Forever Also, WTF? Did Exam Costs go up?

auditor 111

auditor audit New York CPA 111

Going Concern

APRIL 29, 2022

ICYMI | The CPA Evolution Project Realigns the Professional Certification and Challenges Accounting’s Viability as a Stand-alone Major [ The CPA Journal ] Accounting—at least as an independent field of study—is becoming obsolete in today’s technology- and analytics-focused world. Less work for EY auditors?

auditor 52

auditor audit accountant Account 52

Going Concern

SEPTEMBER 1, 2022

Last week, we published a letter written to Fortune by a former CPA who pivoted to driving 18-wheelers and found far more career happiness than he ever would have in accounting (good for him). Accounting and being a CPA have been the worst personal decision and professional organization I’ve been a part since passing.

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cpas cma Real Estate accounting and finance 98

Withum

AUGUST 2, 2024

In September 2021, Mizuhara began gambling with an illegal sports book and lost millions of dollars. Over the next two years, from November 2021 to January 2024 , Mizuhara wired over $16 million from the account to the bookmaker. During the account setup, Mizuhara translated for Ohtani.

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CPA Practice

SEPTEMBER 11, 2024

William Melhado The Sacramento Bee (TNS) Delayed spending and a lack of oversight threaten to disrupt a $100 million grant program run by the Department of Cannabis Control intended to help businesses secure state licenses, a recent report by California State Auditor found. The Legislature approved the four-year grant program in 2021.

California 76

California auditor audit Legal 76

Going Concern

FEBRUARY 2, 2023

“Accountants and auditors are to business as those people in the black-and-white-striped shirts are to sports. But I believe the curriculum realignment anticipated by the CPA Evolution Project will only lead to an even faster decline in enrollments if accounting remains siloed as a stand-alone major.

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accountant Account accounted Sports 105

Going Concern

MARCH 1, 2024

For many 22- to 27-year-olds, known as Generation Z, their average student debt of more than $20,000 and the lure of higher-paying Wall Street and Silicon Valley firms means the time and effort required to become a CPA doesn’t pencil out. Audit Deficiencies by Accounting Giants Grew in Latest Inspections, U.S.

audit 111

audit Nebraska auditor chartered accountant 111

ThomsonReuters

NOVEMBER 16, 2020

In looking forward to your 2021 audit planning, the peer review process is often met with many fears or uncertainties. 2021 audit planning: spotting common deficiencies. . For many auditors, the biggest concern is where the peer review process is heading and what is happening now. Fears as peer review season approaches.

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audit auditor Maine CPA 52

Going Concern

DECEMBER 1, 2022

Perusing The CPA Journal as one does when one is tasked with the onerous burden of reporting on happenings in a profession in which so few things happen, I saw this discussion on CPA Evolution by Nina Terranova Dorata, PhD, CPA and Vincent J. Evaluating the CPA Evolution Initiative [ The CPA Journal ].

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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. However, today, it struggles to replace those who leave the profession.

Technology 105

Technology accounting firms accountant Account 105

CPA Practice

MARCH 11, 2024

Additionally, after sharp cuts due to the COVID pandemic in 2020 and 2021, significantly more internal audit functions are now increasing their budgets (36%) than are decreasing them (13%), according to the new survey of senior internal audit professionals. “In

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audit auditor CPA Government 95

Going Concern

NOVEMBER 8, 2024

They don’t even have time to sit for their CPA exam because they’re working so many hours.” However, the town claims it is not able to act on one of the recommendations by auditors. “It made recruiting a lot easier,” Rojas says. We’re still getting a lot of recruits who are remote and coming from the big firms who are just burnt out.

Florida 98

Florida Mississippi audit auditor 98

Withum

SEPTEMBER 16, 2024

Available for disasters occurring back to 2021. As a result, it is imperative for auditors to document the appropriateness of the mortality table used in the valuation of a plan’s benefit obligation. Participant’s principal residence must be in the designated disaster zone; must experience an economic loss.

CPA 124

CPA audit Real Estate income tax 124

TaxConnex

DECEMBER 21, 2021

Hiring is on the minds of many executives as we end 2021. And it’s especially hard to find professionals who know taxes: Finding qualified staff is an enduring, front-burner concern that continues to challenge even CPA firms this year. Are they experienced with auditors? The Great Resignation saw a record 4.4

Sales 178

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Going Concern

SEPTEMBER 19, 2023

Panama) Frost, PLLC Harbourside CPA LLP (Canada) Keith K Zhen CPA Maggart & Associates, P.C Inc UHY LLP Warren Averett, LLC Zwick CPA, PLLC Expanded reports Baker Tilly US, LLP (12/21/2020 Report) Ernst & Young, S.L. Panama) Frost, PLLC Harbourside CPA LLP (Canada) Keith K Zhen CPA Maggart & Associates, P.C

audit 69

audit auditor CPA financial statements 69

Going Concern

MARCH 1, 2023

Armanino has said it stands by its 2020 and 2021 audits of FTX US. Former Accounting Team of FTX US Auditor Armanino Sets Up Shop as The Network Firm [ CoinDesk ] The post Armanino’s Former Crypto Team Has Left and Formed Their Own Shop, Allegedly appeared first on Going Concern. affiliate of Sam Bankman-Fried’s FTX exchange.

cma 116

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ThomsonReuters

DECEMBER 9, 2020

This year more than ever, auditors will have to be conscious of the possibility and adjust their audit procedures and fraud inquiries accordingly. The period in which revenue is recorded, for instance, is something auditors will have to pay special attention. It also means that fraud risk is increasing. Fraud risk goes up a lot.

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