SMBAccountant

NOVEMBER 4, 2020

Quality management and accounting systems go hand in hand, especially when it comes to managing government contracts. DCAA auditors not only want to see that there is a policy in place, but there is continued effort to monitor the effectiveness through separation of duties and internal audits.

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Government accountant accounted Account 246

Accounting Today

MAY 7, 2024

The Public Company Accounting Oversight Board sanctioned three auditors from Florida accounting firm Liggett & Webb for violations involving audit evidence, professional skepticism, and other matters.

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auditor audit Florida accounting firms 126

Going Concern

JANUARY 1, 2025

To be fair, it wasn’t until the National Pipeline Advisory Group released their mildly anticipated pipeline report over the summer that The Powers That Be officially acknowledged this as one of the leading factors in declining accounting enrollments. ” We had almost 200 write-ins here so I won’t include them all.

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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 246

Government general ledger accountant accounted 246

SMBAccountant

JULY 14, 2020

This is the simplest form as your books match your bank account. The accrual basis of accounting matches income and expenses in the same time frame, regardless of when the money came into or left the bank account. Using cash basis accounting, Doe Co. Using cash basis accounting, Doe Co. For example: Doe Co.

Government 246

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Going Concern

NOVEMBER 4, 2024

HR Dive discusses the recent CPE situation at EY : A recent scandal involving online training at Ernst & Young has pulled back the curtain on the time and ethical pressures accountants and finance teams are under to balance the demands of client work with ongoing professional training requirements.

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Going Concern

JANUARY 9, 2025

While the AICPA and large accounting firms have begged urged the SEC not to approve the PCAOB Firm and Engagement Metrics rule (PCAOB-2024-06) approved by the PCAOB on November 21, 2024, at least one person would like to see the added transparency this rule could provide and he’ll explain why in a comment letter we’ll discuss below.

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Accounting Today

MAY 13, 2024

The Public Company Accounting Oversight Board approved two new standards on a firm's system of quality control and the general responsibilities of the auditor in conducting an audit, albeit with pushback on the QC standard from one board member.

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auditor audit accountant accounted 128

Withum

DECEMBER 18, 2024

The dreaded request from your financial statement auditors for the year-end tax provision file and financial statement footnotes? Start Planning Our Income Tax Accounting Expertise Preparing U.S. Start Planning Our Income Tax Accounting Expertise Preparing U.S. Start Planning Our Income Tax Accounting Expertise Preparing U.S.

Tax 122

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TaxConnex

JULY 18, 2024

Proper documentation allows auditors to interpret and verify your financial transactions accurately. This can lead to auditors assuming transactions are taxable, or making historical projections or arbitrary assessments of taxable sales. Returns/Credits Returns and credits should be clearly identified in your accounting system.

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audit Sales Tax tax return 264

Going Concern

MARCH 15, 2023

While the general investing public is asking “where were the auditors?” 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. Back to the auditors.

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Accounting Today

JUNE 13, 2024

The Public Company Accounting Oversight Board's amendments will make it easier to hold auditors accountable for violations, among other things.

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auditor accountant accounted Account 83

Accounting Today

DECEMBER 7, 2023

The Securities and Exchange Commission's chief accountant cautioned auditors and public companies about the statement of cash flows after spotting problems that could lead to a financial restatement.

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auditor accountant accounted Account 124

CPA Practice

OCTOBER 18, 2024

Hosts Brian Tankersley, CPA, and Randy Johnston review TimeCredit AI, an AI assistant for technical accountants. Tankersley, CPA.CITP, CGMA 00:00 Randy, welcome to the accounting Technology Lab sponsored by CPA practice advisor. So Brian, I know that from your perspective, you often introduce yourself as recovering auditor.

Technology 111

Technology accountant accounted Account 111

Going Concern

OCTOBER 1, 2022

Today in Auditors Not Doing Their Jobs, the SEC has charged RSM, three senior-level employees who work there, and a couple partners with improper professional conduct for failing to properly audit Revolution Lighting Technologies Inc.’s The post A Bunch of Auditors at RSM F*cked Up appeared first on Going Concern. Just in general.

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Accounting Today

SEPTEMBER 19, 2023

The Public Company Accounting Oversight Board issued a proposal to amend its rule for an individual auditor's or audit firm's contributory liability for knowingly or recklessly contributing to violations.

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auditor audit accountant accounted 128

TaxConnex

APRIL 28, 2022

In years past, auditors could show up at your door asking to look at your records. Many audits are conducted remotely, and an auditor never visits your office. In many ways, virtual audits are just like traditional audits, except audit activity takes place remotely and digitally,” reads the blog of the accounting consultancy Floqast.

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Going Concern

JUNE 1, 2023

Bringing things back to this decade, he then talks about what’s going on at PwC Australia even though auditors weren’t the ones using confidential government data to bill clients for tax avoidance plans. For starters, auditors are paid by the companies they’re auditing. If they find a problem, they risk losing a client.

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auditor audit Government Transportation 116

CPA Practice

SEPTEMBER 19, 2023

A proposal issued by the Public Company Accounting Oversight Board (PCAOB) on Tuesday would hold auditors and others more accountable when they negligently, directly, and substantially cause their firm to violate auditing standards. The deadline for public comment on the proposal is Nov.

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TaxConnex

DECEMBER 23, 2021

California , to cite one state, audits about one percent of active accounts each year (at least so far), “concentrating on those most likely to be inaccurate in their tax reporting.” Auditors know that competitors tend to have similar business models and that some industries are more susceptible than others to tax deficiencies.

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audit Sales Tax auditor 244

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.

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auditor audit financial statements Legal 109

CPA Practice

NOVEMBER 11, 2024

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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TaxConnex

FEBRUARY 3, 2022

Bad luck for one, or a customer of yours undergoing their own audit might produce one of your invoices, resulting in the auditor possibly contacting you for an exemption certificate or other documents. An audit of one of your suppliers could turn up one of your exemption certificates for a transaction that the auditor may think is taxable.

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audit Sales Tax auditor 245

Going Concern

JANUARY 3, 2025

Psst, take our 2025 Predictions for the Accounting Profession survey. Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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CPA Practice

FEBRUARY 23, 2023

What is the fastest-growing challenge facing accounting firms and internal audit departments today? More than 90% point to hiring and retaining skilled accountants and auditors. Responses were gathered from more than 4,100 accountants and 2,300 auditors.

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Going Concern

OCTOBER 18, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. Firm Watch Accountancy firm BDO fined €1.3 BDO is going to appeal the decision.

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audit auditor New York accounting firms 104

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

CPA Practice

NOVEMBER 5, 2024

million to settle a Securities and Exchange Commission lawsuit that alleges that two former executives committed accounting fraud at the Stamford-based company. The accounting problems came to light in April 2023, when Lovesac’s finance team found that approximately $2.2 (TNS) Nov. 4—Furniture retailer Lovesac has agreed to pay $1.5

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CPA Practice

DECEMBER 3, 2024

UHY is getting an injection of private equity funding from Boston-based investment firm Summit Partners, calling it a significant milestone in its growth and strategic development, the top 30 accounting firm said on Dec. With this deal, more than 35% of the top 30 accounting firms in the U.S. In the U.S., UHY in the U.S.

Non-Profits 111

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Summit CPA

OCTOBER 10, 2024

account fraud What is Negligence? We recommend having these four types of bank accounts to keep financials neat. If you own a business, you must keep a separate bank account for your business and personal transactions to avoid more questions from the IRS. Do not withhold information from an auditor intentionally.

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auditor audit tax return Tax 93

Withum

JANUARY 30, 2025

The accelerated and large accelerated filers are required to comply with SOX 404(b) requirement, which mandates external auditors opinion on ICFR. Focus on GAAP Compliance Review your accounting policies to ensure they align with Generally Accepted Accounting Principles (GAAP). All publicly traded companies in the U.S.

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Going Concern

APRIL 11, 2024

Keeping with a yearly tradition more reliable than the arrival of Santa in the early hours of December 24, Ideagen Audit Analytics has released their annual market share analysis of auditor engagements for public companies. The post For the Eighth Year in a Row, EY Is the Busiest Public Company Auditor appeared first on Going Concern.

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Accounting Today

OCTOBER 21, 2024

The American Institute of CPAs teamed up with the National Association of State Auditors, Comptrollers and Treasurers on a joint report calling attention to the urgent need for accountants in state and local governments.

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accountant accounted Account auditor 122

RogerRossmeisl

JUNE 26, 2022

Originally issued in 2004, the purpose of the Audit Techniques Guide (ATG) was to offer guidance to IRS auditors auditing cost segregation studies. The IRS maintains a library of Audit Techniques Guides (ATGs) intended to help IRS examiners during audits by providing insight into issues and accounting methods unique to specific industries.

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audit auditor CPA Tax 246

Going Concern

FEBRUARY 6, 2025

Two years ago, two years after the first major private equity investment in a top 20 firm kicked off a flood of similar investments in some of the largest non-Big 4 firms in the country, the AICPA formed a task force to “look into issues raised by private equity investors in accounting.”

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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 accountant accounted Account 98