CPA Practice

JULY 23, 2024

are using generative artificial intelligence mostly on administrative and research activities right now, but the likelihood for GenAI to be used down the road in certain aspects of planning and performing the audit is high, according to a report released by the Public Company Accounting Oversight Board (PCAOB) on July 22. Scoping the audit.

auditor 109

auditor audit financial statements Legal 109

TaxConnex

APRIL 25, 2024

Tupperware recently admitted that it lacked enough accountants to get its annual report out on time. Fewer students are gravitating toward accounting even as educational requirements have intensified. Accounting is perceived as too specialized and boring – and offering lower pay than other majors such as finance and technology.

Sales 264

Sales Tax accounting and finance auditor 264

TaxConnex

JULY 9, 2024

Sales tax compliance has many moving parts, not just in the filing but in everything that goes into making sure you stay on the legal side of the jurisdictions where you have sales tax nexus. Auditors will ask for data and any replated invoices. Just remember, a lot can go wrong along the way.

Sales 264

Sales Tax Colorado tax return 264

Going Concern

JUNE 13, 2023

Financial Reporting Council chair and stereotypically European named Jan du Plessis has told the Financial Times that audit firms — who regularly complain about the UK audit regulator being up their asses — should pay their junior auditors more. And we have all heard the complaints from junior auditors.

auditor 111

auditor audit financial statements Legal 111

Going Concern

JULY 31, 2023

Related: PwC settled ‘false LPP’ penalties days before bid to suppress emails [ Australian Financial Review ]: The Tax Office signed a confidential settlement with PwC in March involving the firm’s false claims for legal professional privilege over 150 documents related to tax advice to a multinational client.

auditor 98

auditor Account accountant accounted 98

CPA Practice

NOVEMBER 11, 2024

Make it official — and secure stakeholder buy-in You’ll also want to document your plan in writing to ensure clarity and accountability. And be sure to address any legal considerations, such as partnership agreements, nondisclosure agreements and noncompete clauses, to avoid potential disputes during transitions.

cpa firm 111

cpa firm CPA accounting and finance Virginia 111

Going Concern

OCTOBER 14, 2024

An ‘everygirl’ tells the tale of being pressured to choose a major, landing on accounting, and regretting the decision in ‘ I Was Dedicated to My 5-Year Plan—and Then It Blew Up in My Face ‘: It was the fall semester of my sophomore year of college. Land an internship at a prestigious accounting firm.

Account 59

Account accountant accounted audit 59

CPA Practice

OCTOBER 31, 2023

recruitment and/or hiring tool, then carefully review the contract to understand what, if any, indemnities or other protections you’re getting from a vendor to understand your legal risks should a legal challenge to your use of A.I. also be held accountable to a certain extent?

Legal 116

Legal audit payroll Technology 116

Going Concern

JANUARY 6, 2025

While I have you, allow me to ask you to take our 2025 Predictions for the Accounting Profession survey — it’s quick, simple, and we don’t want your email. FT : Accounting firms say the metrics tell investors little about whether an audit is being done well and are likely to be misunderstood without additional context.

Account 52

Account accountant accounted audit 52

Going Concern

APRIL 7, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Build ChatGPT into Excel [ Journal of Accountancy ] Note that this process currently works in Microsoft Excel 365, Microsoft Excel 365 for Mac, and Excel for the web. I can imagine it.

auditor 105

auditor chartered accountant audit accounting and finance 105

CPA Practice

DECEMBER 6, 2024

Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab, sponsored by CPA practice advisor, with your hosts, Randy Johnston and Brian Tankersley. Randy Johnston 00:10 welcome to the accounting Technology Lab. And so its a its good that theyve got the APIs and everything in here. Is it perfect yet? Sure, its not.

Technology 98

Technology Account accountant accounted 98

CPA Practice

NOVEMBER 7, 2024

Make it official — and secure stakeholder buy-in You’ll also want to document your plan in writing to ensure clarity and accountability. And be sure to address any legal considerations, such as partnership agreements, nondisclosure agreements and noncompete clauses, to avoid potential disputes during transitions.

cpa firm 109

cpa firm CPA accounting and finance Virginia 109

CTP

JANUARY 15, 2025

Think of this as if you are actually preparing to go to court and defend your case from a legal point of view. You are taking an itemized deduction, which is a legal tax position. You are saying that you are legally responsible for that mortgage and that the law therefore allows you to deduct the related interest.

audit 52

audit auditor Legal tax return 52

ThomsonReuters

SEPTEMBER 3, 2024

The 2024 Generative AI in Professional Services research conducted by the Thomson Reuters Institute provides a comprehensive overview of the burgeoning role of GenAI across various professional sectors, including legal, tax, accounting, risk, and government. However, these changes happen slowly and are not always used by all firms.”

auditor 72

auditor audit tax accountant Tax 72

Going Concern

DECEMBER 20, 2024

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Real Estate 52

Real Estate Account accountant accounted 52

Going Concern

JULY 17, 2023

Also this: How the big four accounting firms infiltrated governments, earning more than $10b over a decade while taxpayers are in the dark : They’ve been described as an infestation. The big four accounting firms — EY, Deloitte, KPMG and PwC — are now under the spotlight like never before. This is from U.S.

Account 96

Account accountant accounted auditor 96

Going Concern

NOVEMBER 21, 2024

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Real Estate 52

Real Estate Account accountant accounted 52

Going Concern

JANUARY 9, 2025

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Real Estate 52

Real Estate Account accountant accounted 52

ThomsonReuters

OCTOBER 18, 2024

Statutory reporting is a critical process for multinational corporations, involving the preparation and submission of financial statements to comply with legal obligations across various jurisdictions. Different countries and regions have their own set of laws, regulations, and accounting standards that govern the reporting process.

Non-Profits 52

Non-Profits Legal financial statements tax return 52

ThomsonReuters

JUNE 16, 2023

Over the years, AI in accounting has increasingly gained traction and, going forward, it will continue to transform the tax and accounting profession. Like many industries, the accounting profession is exploring how AI can improve efficiencies and help strained firms better serve clients. Is your firm ready?

Account 110

Account accountant accounted Technology 110

Going Concern

JANUARY 2, 2025

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Real Estate 52

Real Estate Account accountant accounted 52

AdviceForTaxpreparers

SEPTEMBER 8, 2020

My name is Bill Meador and I am writing a book to help tax staff succeed in a public accounting firm tax department. Now I understand the first reaction of many accountants to the concept of selling anything. For example, you might decide to go on your Facebook, Linkedin or Reddit account and make the following statement.

tax preparation 246

tax preparation Tax cpa firm tax return 246

Going Concern

MARCH 6, 2025

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Tax 52

Tax Real Estate Agriculture Account 52

Accounting Today

OCTOBER 16, 2024

The new regulatory environment has faced legal challenges, creating uncertainty for companies and auditors.

auditor 63

auditor Legal audit Tax 63

CPA Practice

MAY 14, 2024

The Public Company Accounting Oversight Board (PCAOB) approved a sweeping new standard on the general responsibilities of an auditor on May 13, including a provision that significantly cuts the maximum time period for the auditor to assemble a complete and final set of audit documentation from 45 days to 14 days.

auditor 69

auditor audit financial statements Legal 69

SMBAccountant

OCTOBER 21, 2020

These costs must be recorded in separate general ledger accounts to be easily identified and excluded from any billing. Bad Debt – both actual and estimated losses from uncollectible accounts receivable including collection costs and legal costs are not allowed. Most topics link directly to FAR clauses for further review.

Government 100

Government general ledger Account accountant 100

CPA Practice

JUNE 12, 2023

There is perhaps no industry in which this dynamic is more apparent than accounting; 75% of accounting processes are largely manual, according to a recent Deloitte survey of accounting professionals. This demonstrates the potential impact that automation can have — and is already having — on the day-to-day lives of accountants.

Account 122

Account accountant accounted accounting and finance 122

Going Concern

MARCH 13, 2025

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Real Estate 52

Real Estate Tax Account accountant 52

Going Concern

OCTOBER 3, 2024

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Real Estate 110

Real Estate Account accountant accounted 110

CPA Practice

FEBRUARY 23, 2024

Auditors are poised to become crucial facilitators in the accounting and finance function’s adoption of AI and large language models (LLMs). Auditors are the Keystone for AI Integration The successful integration of AI has one essential requirement—a nuanced understanding of the model’s data origins and its interpretations.

audit 114

audit auditor accounting and finance Technology 114

CPA Practice

SEPTEMBER 10, 2024

Nearly three weeks after approving a batch of new Public Company Accounting Oversight Board (PCAOB) auditing standards , the Securities and Exchange Commission (SEC) on Sept. Does the answer differ depending on whether the person is an auditor? 9 OK’d another new rule from the audit regulator, this time on quality control.

auditor 116

auditor audit Legal accounting firms 116

Going Concern

MAY 12, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. UK accounting sector needs to put more emphasis on its people [ AccountancyAge ] Across the UK, increasing turnover rates have been observed across barrios sectors.

CPA 111

CPA Account accountant accounted 111

Going Concern

OCTOBER 31, 2022

The story is behind a paywall but Law.com says that during a recent Law.com webinar, EY global law leader Cornelius Grossmann said a new EY company, split from its audit business, would focus on largescale clients and projects that are multidisciplinary in nature, with legal services being a key—but not dominant—component. It has to work.”

Account 105

Account accountant accounted audit 105

Going Concern

FEBRUARY 13, 2025

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Account 52

Account accountant accounted Real Estate 52

CPA Practice

OCTOBER 29, 2024

billion during its 2024 fiscal year that ended June 30, the Big Four accounting firm said on Monday. The slower growth in Big Four accounting firm revenues in 2024 is primarily due to a slowdown in consulting work over the past 12 to 18 months, which has resulted in layoffs at each firm in several locations, including in the U.S.

Legal 52

Legal auditor Government Tax 52

Going Concern

OCTOBER 27, 2022

.” The administrators, whose job it is to find some funds to repay NMC creditors, say EY auditors did not detect that NMC’s accounts were fraudulently misstated to the tune of a couple billion dollars. The firm said the alleged fraud “involved the falsification and concealment of accounting records and other documents”.

audit 105

audit auditor Legal Transportation 105

Going Concern

APRIL 22, 2024

Those of us who’ve worked or even simply seen behind the curtain of audit know the things he points out to be true — assurance is reasonable not absolute , financial statements are the responsibility of management not auditors, “finding fraud” is not the ultimate goal of audits — but do investors?

audit 119

audit auditor financial statements Education 119