CPA Practice

SEPTEMBER 5, 2024

Keeping up with sales tax changes can be difficult and, even if you’re careful, your business can be selected for a state audit. Just the thought of being selected for a sales tax audit can be intimidating.

audit 115

audit Sales Tax auditor 115

CPA Practice

MAY 10, 2023

The head of the Public Company Accounting Oversight Board (PCAOB) said today that its inspectors found significant deficiencies in the audits of U.S.-listed In a statement, PCAOB Chair Erica Williams said: Both reports show unacceptable rates of Part I.A In August, China struck a deal allowing U.S. listed Chinese companies.

audit 111

audit auditor financial statements public accounting 111

ThomsonReuters

JANUARY 8, 2024

Download our white paper to learn about: AI’s role in tax What to look for in AI technology The importance of data quality Streamlined processes AI has transformed the audit process within the tax and accounting profession. However, with the advent of AI-powered audit software, the process has become more efficient and accurate.

Tax 101

Tax accounted Account accountant 101

Going Concern

JULY 2, 2024

The other day, BDO USA released a press release entitled “BDO Strengthens Audit Quality Commitment with Addition of Second Independent Member on Audit Quality Advisory Council ,”the content of which strongly suggests that their next Public Company Accounting Oversight Board (PCAOB) inspection is going to be hot garbage.

audit 116

audit auditor financial statements Construction 116

CPA Practice

APRIL 19, 2023

According to Caseware’s 2023 State of Accounting Firms Trend Report , more than 90% of accountants and 95% of auditors find hiring skilled talent challenging. Everything was handled by a CPA, from collecting client documents to doing the work and delivering the tax return, financial statements or other work products.

Technology 123

Technology CPA tax return auditor 123

Cherry Bekaert

AUGUST 2, 2023

Intended for smaller units, the goal is to simplify the financial statements and the accounting basis to improve the timeliness of these audits and heightened interest in the CPA community to perform these types of engagements. Contact Us The post 2023 NCGFOA Summer Conference Recap appeared first on Cherry Bekaert.

North Carolina 94

North Carolina accounting and finance financial statements Government 94

Going Concern

OCTOBER 2, 2023

Here’s what happened: Ontario public accounting licensing body CPA Ontario reached an out-of-court settlement with Marcum LLP resolving allegations of multiple instances of US Marcum partners performing work in Ontario — including issuer audits — without said partners being licensed to practice in the province.

public accounting 116

public accounting audit financial statements CPA 116

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. This egregious audit failure is unacceptable. issuer and registered broker-dealer audits.

auditor 105

auditor audit financial statements accounted 105

Going Concern

MARCH 15, 2023

To any members of the general investing public reading this: “due professional care” means the independent auditor planned and performed the work required of them according to audit standards. You have a responsibility until the day you issue the audit report to consider all facts that you know, so we absolutely did do that.

auditor 145

auditor audit accounting principles financial statements 145

Going Concern

APRIL 30, 2024

It’s been almost six years since the Canadian government legalized recreational cannabis and ever since, a microcosm of financial reporting and auditing has been growing (no pun) beside it. billion USD) business in 2023, up 12.2 million in 2020, $16 million in 2021, and $145 million as of March 2023.

auditor 111

auditor audit Legal financial statements 111

Going Concern

AUGUST 15, 2023

As a public corporation that trades in the stock market, Popular is required to use the services of an auditing and accounting firm such as PwC. As a result of this investigation, it was determined on July 24th, 2023, that certain of the files compromised in the incident included personal information of our customers.

audit 98

audit financial statements accounting firms Maine 98

Going Concern

SEPTEMBER 22, 2023

EY Survey: 86% GCCs cite service expansion as their top business priority [ EY ] Global Capability Centres (GCCs) in India are expanding their services with a focus on transformation, innovation, and knowledge-based capabilities, as per EY India’s GCC Pulse Survey 2023. It’s free and provides CPE; advance registration is required.

audit 109

audit accounting and finance Virginia auditor 109

CPA Practice

FEBRUARY 28, 2024

A new report released on Wednesday reveals that the Securities and Exchange Commission (SEC) increased accounting and auditing enforcement actions by 22% last year, but monetary settlements dropped for a second straight year. Despite the SEC reporting $4.9 Table courtesy of Cornerstone Research. Chart courtesy of Cornerstone Research.

audit 64

audit accounted Account accountant 64

LSLCPAs

APRIL 26, 2023

The DOL has made some changes to the financial statement audit requirement for retirement plans. Beginning for the calendar year 2023, your reporting requirements for your 401(k) plan participant count will be based upon the number of participants who have account balances in the 401(k) plan and NOT just on “eligible” employees.

audit 52

audit cpas financial statements Account 52

Going Concern

JANUARY 31, 2024

In an audit quality report released last week [ PDF ], the once flawless PwC admits its next PCAOB inspection report will be twice as bad as the last one. deficiency rate with just one mistake found in 52 audits inspected. deficiency rate with just one mistake found in 52 audits inspected. According to PwC, Part I.C

audit 119

audit auditor financial statements 119

Going Concern

MARCH 8, 2024

After piloting the program last year in a smaller division, KPMG—a Fortune 100 Best Companies to Work For in 2023—plans to have a company-wide rollout to their 36,000 employees and partners by the end of 2024. When conducting the fiscal year 2021 audit of Tingo, Inc., KPMG has built up a large business auditing U.S.

audit 100

audit auditor New York Legal 100

Going Concern

JUNE 21, 2022

The big hurdle in EY’s plan to split audit and consulting lies in whether or not its partners want to take the risk per earlier Wall Street Journal coverage in which people familiar with the matter told WSJ its roughly 12,000 partners will need to vote to approve the spinoff. The split could happen as early as late 2023.

audit 122

audit Healthcare Transportation financial statements 122

Going Concern

AUGUST 20, 2024

BDO USA’s 2023 PCAOB inspection is out and Financial Times ‘ article about it is pretty dark. Their headline says BDO “sinks to bottom of US audit quality league table” among the six largest audit firms in the US but really, they sunk under the table and through the floor. deficiencies.

audit 59

audit financial statements accounted Account 59

AccountingDepartment

FEBRUARY 9, 2023

And why is 2023 the year businesses should consider implementing CAS into their strategy? CAS covers a multitude of financial options within a business. Turning to a company such as AccountingDepartment.com can enable businesses to effectively and efficiently implement client accounting services in 2023.

accounted 98

accounted Account accountant accounting and finance 98

CPA Practice

SEPTEMBER 25, 2024

auditing rules and standards related to communications that firms are required to make to audit committees. In addition, the audit regulator sanctioned an additional U.S.-based based audit firm on Tuesday for violating rules related to required reporting to the PCAOB. two in Canada, and one in Switzerland—on Sept.

audit 69

audit accounting firms financial statements tax services 69

Going Concern

NOVEMBER 6, 2023

The tax and audit practice, through affiliate BSR & Co, will be excluded from the merged entity and could be made into a separate entity, though that is still under discussion, the people said requesting anonymity. Governance Overhauls After Failed Split Ernst & Young is stepping up its U.S.

audit 110

audit accounted Account accountant 110

Withum

DECEMBER 14, 2023

The Internal Revenue Service (“IRS”), Department of Labor (“DOL”), and Pension Benefit Guaranty Corporation (“PBGC”) recently released the 2023 Form 5500s, rolling out significant reporting changes for the 2023 tax year.

audit 75

audit financial statements Legal Tax 75

Going Concern

OCTOBER 11, 2024

News AICPA moves to amend financial statement standard [ CFO Dive ] Well this is a BFD! Firm Claims Financial Misconduct by Central Basin GM, Then Admits the Numbers ‘Could Be Incorrect’ [ Los Cerritos Community News ] Los Cerritos Community News out here doing some hard-hitting journalism.

audit 59

audit Technology Texas accounting firms 59

Going Concern

MARCH 20, 2023

The Ghost of Audits Past is haunting the EY split : EY’s plans to split its auditing and consulting arms have been dragged into a $2.7 ” #cpaexam [link] — Going Concern (@going_concern) March 17, 2023 It do be like that. Accenture received the most 5-star ratings, with 25. billion if NMC is successful at trial.

audit 95

audit accounted accountant Account 95

Withum

MAY 16, 2024

In this release of Venture To Know we discuss the key scenarios that prompt an investment fund to undergo an audit. What Are the Most Common Circumstances That Prompt a Fund To Undergo an Audit? One of the things you may have already given some thought to is whether or not your annual financial statements are required to be audited.

audit 52

audit financial statements New York Legal 52

Going Concern

OCTOBER 14, 2024

Writes Religion Unplugged : Responding to a lawsuit accusing Dallas-based Gateway Church of financial fraud, Gateway Elder Tra Willbanks assured congregants over the weekend that the church has “independently audited financial statements since 2005.” That financial year runs until the end of June 2025.

accounted 59

accounted Account accountant audit 59

Going Concern

AUGUST 22, 2024

Perhaps our own regulators could learn a thing or two from China about handing down punishments to audit firms. ” “The inaccurate statements and false allegations could tarnish PwC’s reputation and infringe our legal rights,” added that statement. Yeah, it’s a little worse than a hit to reputation.

audit 105

audit auditor financial statements Legal 105

CPA Practice

AUGUST 28, 2024

As in 2023, AI systems were again dominant among the winners of the 2024 Tax & Accounting Technology Innovation Awards, presented annually by CPA Practice Advisor, a technology and practice management resource for public accounting firms. “ Award winners and finalists are presented alphabetically.

Technology 124

Technology accounting firms accounted Account 124

Going Concern

DECEMBER 21, 2023

Assuming no one but select audit partners actually read this crap, let’s take a look at how auditors should expect increased vigilance in 2024 so everyone can be better informed and stock up on KY. These include prior inspection results and the emerging risks pertaining to a particular audit firm or industry.

auditor 119

auditor audit financial statements 119

LSLCPAs

APRIL 26, 2023

The DOL has made some changes to the financial statement audit requirement when retirement plans have over 100 eligible participants. The post New 401k Plan Rules for 2023 appeared first on LSL CPAs. The post New 401k Plan Rules for 2023 appeared first on LSL CPAs.

cpas 52

cpas audit financial statements Account 52

Going Concern

APRIL 12, 2024

We broke that record in 2023. The city’s audit committee, a monitoring body that tracks the findings and recommendations of Montreal’s auditor general, comptroller general and external auditors, makes the observation in its latest annual report. This situation worsened in 2023,” says the report, which was tabled in council in March.

CPA 105

CPA auditor Tax accounting and finance 105

Going Concern

MAY 10, 2023

deficiencies in 100% (4/4) of the audit engagements reviewed at KPMG Huazhen and 75% (3/4) of the audit engagements reviewed for PwC Hong Kong. Her statement and a little backstory on why these results are important is below. From her statement: Both reports show unacceptable rates of Part I.A

audit 105

audit auditor financial statements accounted 105

CPA Practice

AUGUST 30, 2023

And it popped up at a session during the first day of the 2023 Unique CPA Conference, “Bridging the Gap,” in the Chicago suburb of Rosemont, IL, on Tuesday. But they also overwhelming said it’s boring, it’s stuffy, you do taxes or audit. There’s a lot more to it than doing audit and tax. It’s not glamorous.

cpa firm 105

cpa firm CPA cpas Maryland 105

Going Concern

DECEMBER 1, 2023

The measure targets the non-audit departments of each city branch in China, including consulting, financial advisory, risk advisory and assurance. As of 2023, 64% of certified accountants are White. Employees who do not follow will be counseled out. How Is Deloitte Making Accounting Accessible To Diverse Young Talent?

cpas 111

cpas audit auditor CPA 111

Going Concern

SEPTEMBER 29, 2023

Deloitte UK said revenue grew 14% to £5.6bn in the year to May, as buoyant markets in the first six months of its financial year bolstered demand for audit and advisory work. Prism didn’t issue a conclusion on the earnings report for the first half of 2023, citing multiple uncertainties.

auditor 111

auditor audit New York CPA 111

Dent Moses

DECEMBER 8, 2022

If you have an applicable financial statement (AFS) which one qualifying option is audited financial statements, any item(s) below $5,000 per invoice or item may be expensed. It decreases to 80% in 2023 and drops to 20% after 2025. For 2022, the bonus depreciation limit is 100% of qualified property.

Real Estate 98

Real Estate financial statements tax return audit 98

ThomsonReuters

MARCH 20, 2024

When it comes to Single Audits of local governments, nonprofits, school districts, and HUD engagements, auditors must navigate through a complex set of rules that are constantly changing. These challenges compound quickly as the volume of audits increases. However, there is an answer: audit automation.

audit 52

audit auditor cpas financial statements 52