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. link] — Hester Peirce (@HesterPeirce) July 27, 2023 Pick your sides, people. Such suggestions are false.

auditor 98

auditor Account accounted accountant 98

Going Concern

APRIL 30, 2024

Here’s a snapshot from 2019 that shows how much cannabis companies were paying to which auditors: A look at 40 Canadian cannabis companies and what they paid to their auditors over their past fiscal year. Note that many companies switched auditors so not all fees listed went to the current auditor.)

auditor 109

auditor audit Legal Tax 109

Going Concern

JULY 2, 2024

Here’s what they said: BDO’s 2023 Audit Quality Report BDO’s commitment to quality – and a mindset of continuous improvement – reflects the firm’s core purpose and values as well as its ongoing efforts to engage in important and constructive dialogue with stakeholders, including investors, regulators, audit committees and clients.

audit 113

audit auditor financial statements Construction 113

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

CPA Practice

APRIL 29, 2024

Calling all public company executives, board members, auditors, financial analysts, and investors: The Public Company Accounting Oversight Board’s Investor Advisory Group (IAG) needs a favor. KAMs are selected from matters communicated with those charged with governance.

auditor 64

auditor audit financial statements Government 64

CPA Practice

APRIL 4, 2024

from 51 in 2022 to 56 in 2023, while the total value of settlements increased 11% year over year despite a decrease in the number of cases that were resolved, according to a new study from Cornerstone Research. Accounting case filings with auditor defendants have been few and far between in recent years.

Account 53

Account accounted accountant accounting principles 53

CPA Practice

SEPTEMBER 5, 2024

Another operational trigger may include businesses with significant or rapidly growing revenue, as they have a higher potential for tax calculation errors and typically engage in more complex financial practices such as international sales transactions. 2023 saw an unprecedented 5.5

audit 115

audit Sales Tax auditor 115

CPA Practice

JULY 9, 2023

Advantage Audit is an audit planning aid and audit program series designed to help auditors comply with risk-based professional standards in a straightforward and efficient manner. AuditFile is the only complete, cloud-based, all-in-one engagement automation platform for public accounting professionals and internal auditors.

audit 111

audit auditor Technology financial statements 111

Going Concern

JULY 11, 2023

WSJ: The widening shortage of accountants has begun showing up in financial statements. ” “In the course of completing the preparation of the quarterly financial statements for the Form 10-Q, the Company determined that it had a deficiency in the Company’s internal control over financial reporting as of April 22, 2023. .”

Account 139

Account accounted accountant financial statements 139

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? We broke that record in 2023. We set a record in 2022. And we are breaking it again today.

CPA 104

CPA auditor Tax audit 104

Going Concern

AUGUST 22, 2024

This is double the three-month ban Deloitte Beijing caught for sloppy auditing of China Huarong Asset Management Co Ltd in 2023. And now FT is reporting that PwC China has begun warning clients that the firm expects to catch a six-month ban as part of its suite of punishments for what happened with Evergrande.

audit 104

audit auditor financial statements Legal 104

CPA Practice

SEPTEMBER 17, 2024

Prager Metis also settled separate charges that it violated SEC auditor independence rules. Gurbir Grewal “Effective investor protection requires a collaborative approach that includes both regulators and gatekeepers, such as auditors. In addition, the firm agreed to be censured.

audit 59

audit auditor cpas financial statements 59

Going Concern

FEBRUARY 27, 2024

“We had to have documentation for that asset, in addition to the auditors having to view those assets and count those assets,” said Gregory Koval, the assistant deputy commandant for resources, to Military.com in an interview. “So, The auditors used a substantive-based testing approach throughout FY 2022 and FY 2023.

auditor 67

auditor audit bookkeeping financial statements 67

Going Concern

JANUARY 31, 2024

That’s not so terrible though, PwC has proven in recent years they are superior to all other auditors when it comes to avoiding deficiencies from the PCAOB — in 2020, PwC had a record-low 1.9% In addition, the PCAOB’s most recent 2023 inspection cycle (generally covering 2022 audits) is substantially complete.

audit 117

audit auditor financial statements 117

CPA Practice

SEPTEMBER 5, 2023

Practitioners who prepare financial statements and auditors with a fundamental knowledge of blockchain technology will find the guidance most useful. The practice aid, Accounting for and Auditing of Digital Assets , is intended to provide nonauthoritative guidance on how to account for and audit digital assets under U.S.

audit 59

audit cpas auditor accounting principles 59

ThomsonReuters

APRIL 18, 2023

Furthermore, Thomson Reuters research found that changes to tax rules is a major area of focus for employee training at firms in 2023, as 66 percent of firm leaders said they will offer such training to everyone in their firm.

Account 52

Account accounted accountant Technology 52

CPA Practice

JANUARY 23, 2023

Many experts predict that the years ahead will be fueled by financial fraud investigations and a heightened emphasis on the ability to conduct due diligence and ensure clear financial insights. As accounting firms begin 2023 they have one thing top of mind — how to effectively recruit and retain talent.

audit 124

audit auditor forensic accounting Technology 124

Going Concern

SEPTEMBER 27, 2024

Similarly, 78% of business leaders ranked “safe and secure” as one of their top three ethical technology principles, marking a 37% increase from 2023, further demonstrating how the issue of security is top of mind. In addition, Accell Audit & Compliance, P.A. Thank you for your commitment and excellence!

audit 103

audit auditor accounting and finance accounting firms 103

Going Concern

SEPTEMBER 29, 2023

Prism didn’t issue a conclusion on the earnings report for the first half of 2023, citing multiple uncertainties. Now that work is under scrutiny as regulators pursue SPAC auditors for shoddy work and craft rules to put tighter restrictions on blank check companies. Still, the results give offshore bondholders something to chew on.

auditor 109

auditor audit New York CPA 109

Going Concern

JANUARY 9, 2023

A PCAOB inspections leader offers his insight to auditors at a conference: “The role of the financial statement auditor and the auditing profession continues to be a noble endeavor that has never been more needed and vital to our economic stability and the well-being of our capital markets,” said George Botic, CPA.

CPA 104

CPA auditor Tax Account 104

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. Don’t use just any accounting system. To be clear, such is NOT life.

bookkeeping 98

bookkeeping auditor audit quickbooks 98

CPA Practice

APRIL 11, 2023

The Financial Accounting Standards Board ( FASB ) will host a fireside chat on Tuesday, April 11, 2023, from approximately 1:00 – 1:30 p.m. Additional validation rules included in the 2023 DQC Rules Taxonomy. and former SEC chief accountant. Registration for the webcast is free. is eligible for up to 1.8 is eligible for up to 1.8

accounting standards 52

accounting standards auditor financial statements financial accounting 52

Going Concern

DECEMBER 1, 2023

As of 2023, 64% of certified accountants are White. chair and senior partner at PwC and the 2023 undergraduate Commencement speaker, addressed the students and their loved ones about the importance of “leading with love” and fostering trust in the workplace. million in fines the PCAOB has hit auditors with in calendar year 2023.

cpas 109

cpas audit auditor CPA 109

Going Concern

MARCH 6, 2024

A failure to document the auditors’ reasoning, or complete their enquires with management, in relation to the retention of rebates under a contract which, on its face, appeared to require such rebates to be passed back to a client. 2023 saw £40.4 The level of professional scepticism was insufficient.

audit 57

audit auditor Construction financial statements 57

CPA Practice

APRIL 26, 2023

Last week PCAOB inspectors once again included SPACs among their list of priorities for 2023 inspections. Based on these inspections, the report presents several key takeaways for auditors. In recent years, the PCAOB has considered SPAC-related risks to investors as it has planned its inspections.

audit 52

audit auditor financial statements accounted 52

CPA Practice

OCTOBER 4, 2023

The Financial Accounting Standards Board ( FASB ) will host a public roundtable on its July 2023 proposed Accounting Standards Update (ASU), Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.

Connecticut 52

Connecticut accounting standards auditor Maine 52

Going Concern

DECEMBER 1, 2022

million) and three senior-level employees for failing to properly audit a client company’s financial statements over a four-year period, when that client was improperly inflating revenues. Related articles: EY Auditors Cheated on Ethics Exams and Tried to Cover It Up, Will Pay a Record Fine for Naughtiness. RSM US ($3.75

audit 57

audit auditor financial statements 57

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. “ The patent covers the application of artificial intelligence to financial statement audits.

Technology 122

Technology accounting firms Account accounted 122

Going Concern

DECEMBER 5, 2022

In an article for CoinDesk , Francine McKenna took a crack at why the FTX debacle happened, and like she always does when there ’s really bad accounting at a company going through a financial crisis, who are/were the auditors: It’s not clear why FTX commissioned two different audit firms to audit its 2020 and 2021 financial statements.

audit 52

audit auditor financial statements public accounting 52

Going Concern

NOVEMBER 30, 2023

Haoxin’s violations were a bit more serious and actually detrimental to the health of capital markets unlike a bunch of overworked auditors sharing answers on checkbox learning modules. Imposing $7.9 million in fines, the PCAOB has sanctioned three China-based firms and four individuals in historic settlements. Haoxin violated the U.S.

audit 62

audit auditor public accounting financial statements 62

CPA Practice

AUGUST 1, 2023

The Financial Accounting Standards Board ( FASB ) has published a proposed Accounting Standards Update (ASU) intended to provide investors with more decision-useful information about a public business entity’s expenses. Stakeholders are encouraged to review and provide comment on the proposal by October 30, 2023.

accounting standards 52

accounting standards auditor Manufacturing financial statements 52

Going Concern

JUNE 17, 2024

ProPublica did a story on “how remote work and artificial intelligence are ushering in new kinds of fraud in state and local governments” and interviewed Washington state auditor Brandi Pritchard. The way our subject treated her staff compared to the way she treated the auditors felt off. ” Two EY partners, Alison G.

Account 57

Account accounted accountant auditor 57

CPA Practice

JUNE 30, 2023

The integration enables auditors to leverage the power of AI to complete attest procedures, analyze large amounts of financial data, prepare financial statements, and aid in the assessment of risk. AuditFile was recently awarded the title of #1 Audit Tool in the 2023 CPA Practice Advisor Readers’ Choice Awards.

Technology 52

Technology audit auditor financial statements 52

Withum

MAY 21, 2024

An example of this is when Silicon Valley Bank failed, and I was able to “teach” the real meaning and application of Fair Value accounting, which is usually a hard concept for students and, as I have shown, even for experienced auditors to understand.

financial statements 59

financial statements audit auditor public accounting 59

ThomsonReuters

APRIL 24, 2023

At the core of every audit is the identification and assessment of risks of material misstatement, which is critical given the potential impact on a company’s financial position. It also revises the definition of significant risk so that auditors will be focused on where the risks lie on a spectrum of inherent risk.

auditor 59

auditor audit financial statements Tax 59

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. Williams said in a news release.

audit 107

audit accounting and finance Virginia auditor 107

Going Concern

OCTOBER 17, 2022

The Iowa State Auditor’s Office is seeing a shortage of accountants along with a shortage of accounting students with 4-year degrees (no duh). A couple things we’re working on this week: A visual guide to 2023 accounting salary projections. At KPMG, the smallest of the big four, 35 per cent identify as other than white.

Iowa 98

Iowa Account accounted accountant 98