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Citing Rising Costs, Accounting Firms Plan to Increase Fees in 2025

Going Concern

90% plan to increase fees for individual tax returns, 87% plan to increase fees for business tax returns, 85% plan to increase fees for bookkeeping and accounting, and 76% plan to increase fees for CFO and controller services. 57% of accounting firms plan to increase fees across all services in 2025. Or at least half-in.

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Gen X? Never Heard of Them! Accounting Firms Are Overrun by Millennials and Gen Z

Going Concern

TLDR: Boomer numbers at accounting firms appear to be dwindling, more than half of staff at firms are under 40, Gen X gets ignored as usual as if they don’t exist. Recruiting costs as a percentage of net revenue are less than 1% for firms at all revenue sizes. Sorry, mid-40s to late-50s. You’re used to it.

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Are accounting firms keeping remote work positions?

ThomsonReuters

Many of today’s accounting professionals have a new perspective on when and how they want to work. Are firms heeding the call? The onset of the COVID-19 pandemic forced countless businesses, including accounting firms, to go remote essentially overnight due to mandated shutdowns and stay-at-home orders.

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PCAOB Gives Chinese Audit Firm the Boot Over Rules Violations

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) revoked the registration of a Chinese audit firm on Nov. First, on multiple occasions, the accounting firm failed to timely report the participants in its issuer audits on PCAOB Form AP, in violation of PCAOB Rule 3211, Auditor Reporting of Certain Audit Participants.

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PCAOB Provides Three Resources For Auditors On the New Quality Control Rules

CPA Practice

In addition, accounting firms that audit more than 100 public companies annually will be tasked to establish an external oversight function, or EQCF, for the quality control system composed of one or more professionals who can “exercise independent judgment,” the PCAOB said in May.

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Another Accounting Firm Has Had Its Data Breached

Going Concern

Spotted on JD Supra , SCP&H filed a notice of data event with the Attorney General of Montana on January 24, 2024 [ PDF ] that states the firm discovered “unauthorized access to the firm’s email tenant and storage site” from June 6, 2023 to July 12, 2023. What Happened?

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3 Ways ChatGPT Can Help Accounting Firms

CPA Practice

In the example below we asked ChatGPT to “Create an excel formula to calculate the depreciation on year 1 for an asset placed into service on June 30th, 2023 with a 10 year useful life and a depreciable base of $100,000.” and it provided both the logic and answer to the question which can be copied into excel.