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accounting firms audit auditor 
TaxConnex
FEBRUARY 3, 2022
So has the sales tax audit. Examiners can still show up and go over your books in person, and tax agencies will still send audit notices via snail mail. Many events can ignite a sales tax audit. But have sales tax audits changed over the last few years, through the pandemic and the introduction of economic nexus in 2018?
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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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AP Automation: The Competitive Advantage Your Business Needs
Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape
Cash Flow Secrets Every Upskilled CPA Should Know
Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape
Outsourcing Vs. In-House: The Ultimate Battle For Better Collections
MarkFriedlich
MARCH 31, 2020
The value of continuing audit education from the School of Audit During the first few months of each year our lives go on hold as we take care of our clients needs. As auditors, we understand that. However, if you think that your employees are too busy to care about continuing audit education, think again. […].
187 AP Automation: The Competitive Advantage Your Business Needs
Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape
Cash Flow Secrets Every Upskilled CPA Should Know
Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape
Outsourcing Vs. In-House: The Ultimate Battle For Better Collections
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.
114 
CPA Practice
OCTOBER 8, 2024
According to a new report from top six accounting firm BDO USA, company finance leaders are expecting technology like artificial intelligence to be used by their external auditors now to enhance their audit engagement and consider it the second-most important factor when choosing an audit firm.
143 
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.
132 
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.
112 
CPA Practice
OCTOBER 24, 2024
Given the significant changes in the auditing environment since that time, the PCAOB made it a priority to modernize and update those rules. 1, A Firm’s System of Quality Management , adopted by the AICPA. In 2023, only 14 audit firms out of a total of more than 1,600 registered with the PCAOB met the 100-issuer-or-more threshold.
125 
CPA Practice
APRIL 7, 2023
Despite high demand for CPAs, accounting firms struggle to hire accountants. In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. By Cameron White. Technology also gives staff real-time access to their data, from anywhere at any time.
139 
CPA Practice
APRIL 3, 2023
Despite high demand for CPAs, accounting firms struggle to hire accountants. In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. By Cameron White. Technology also gives staff real-time access to their data, from anywhere at any time.
134 
TaxConnex
FEBRUARY 27, 2024
For respondents, the staffing struggle also meant curtailing business growth (19.23%), more errors in sales tax calculation (17.58%), more frustration from existing staff (21.43%) and, perhaps scariest, a growing lack of confidence in being prepared for an audit (22.53%). million accountants and auditors in the U.S.
264 
CPA Practice
JANUARY 23, 2023
With markets changing and capital becoming more constrained by the day, there is a rapidly heightened awareness of the role that due diligence and audits play. These manual verification procedures are painstaking — and most often relegated to the audit professionals early in their career. By Tod McDonald.
123 
CPA Practice
NOVEMBER 11, 2024
The Public Company Accounting Oversight Board (PCAOB) revoked the registration of a Chinese audit firm on Nov. auditing rules and for failing to cooperate with an investigation into those violations. 8 for repeated violations of U.S.
109 
Going Concern
FEBRUARY 3, 2023
We are here to talk about how Hindenburg sniffed out Adani’s audit firm and what it found. From the report: The independent auditor for Adani Enterprises and Adani Total Gas is a tiny firm called Shah Dhandharia. Shah Dhandharia hardly seems capable of complex audit work. Records show it pays INR 32,000 (U.S.
125 
Going Concern
APRIL 22, 2024
Industry OG and commentator Gene Marks has written an opinion piece for The Hill about what audits actually are that is less opinion and more brutal fact: Why you should be very skeptical of that auditor’s report. Most of the time, auditors can confidently (and legally) shrug their shoulders and say “not my job.”
120 
Going Concern
FEBRUARY 15, 2023
For example, Adani Enterprises has had 5 chief financial officers over the course of 8 years, a key red flag indicating potential accounting issues. The independent auditor for Adani Enterprises and Adani Total Gas is a tiny firm called Shah Dhandharia. Shah Dhandharia hardly seems capable of complex audit work.
116 
Going Concern
JUNE 22, 2022
The PCAOB adopted a new audit standard yesterday (AS 1206, Dividing Responsibility for the Audit With Another Accounting Firm ) to ensure that lead auditors are properly supervising the outside auditors they use. PCAOB Adopts New Requirements for Lead Auditor’s Use of Other Auditors [ PCAOB ].
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CPA Practice
AUGUST 28, 2024
Origins of the Award In the latter 1990s, the connectivity of the newly adopted internet quickly started to transform how the accounting profession operated within firms and served clients. The patent covers the application of artificial intelligence to financial statement audits.
124 
CPA Practice
NOVEMBER 11, 2024
We have concluded that we’ll rebuild our accounting tool recommendations to include more AI-based financial reporting like Digits , data extraction like MakersHub.ai , and KPI advisory products like 4ImpactData , Aider.ai , or SOBI Analytics. AuditBoard : Offers robust risk management and audit automation features.
110 
CPA Practice
AUGUST 15, 2023
The Public Company Accounting Oversight Board (PCAOB) has not been in a jovial mood lately. Shortly after criticizing audit firms for the number of errors they made on public company audits reviewed by PCAOB inspectors last year, the audit watchdog doled out sanctions to 12 accounting firms from July 28 to Aug.
98 
Going Concern
JUNE 29, 2022
The hardworking human beings at Audit Analytics have released their analysis of initial public offering trends and IPO auditor market share for the first quarter of this year , a period in which the number of companies going public was minuscule compared to Q1 of 2021. Marcum and Withum combined audited 49.3%
106 
Going Concern
JULY 19, 2023
Hong Kong is suffering from “a serious talent shortage” according to an article today in South China Morning Post and The Hong Kong Association of Registered Public Interest Entity Auditors (PIEAA) says accounting firms should start looking overseas. What a novel idea! We should try that here in the US. “It
98 
CPA Practice
JULY 9, 2023
the developer of the award-winning cloud-based audit automation platform, has announced aquired Advantage Audit from John Wiley & Sons, Inc. 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.
110 
CPA Practice
FEBRUARY 9, 2023
AuditClub, the Audit Service Center, and AuditFile, developer of the award-winning cloud-based audit automation platform, will collaborate to combine audit technology with fractional auditors to ease the challenges faced by CPA firms and internal audit teams in performing audits and reviews.
105 
Going Concern
MARCH 31, 2023
Big 4 EY Fails to Reach Deal on Split [ Wall Street Journal ] The unexpected revolt that has upended the planned breakup of accounting firm Ernst & Young is being driven by two longtime U.S. auditors who believe their part of the firm could end up weakened by a deal. John King and Frank Mahoney, senior U.S.
106 
Going Concern
MARCH 24, 2023
This article will explore how firms can transform a disengaged team and provide actionable insights firm leaders can set in motion today. Firm Watch Ex-BDO USA Workers Advance Narrowed 401(k) Plan Fee Challenge [ Bloomberg Law ] Former BDO USA LLP employees who accused the accounting firm of mismanaging their $1.2
106 
ThomsonReuters
JUNE 15, 2023
Increased focus on ESG There are a number of issues and challenges around ESG that tax and accounting firms need to consider. How is the growing focus on ESG affecting the audit profession? Auditors are having to expand the scope of their work as ESG is increasingly under the scrutiny of stakeholders and investors.
96 
CPA Practice
SEPTEMBER 20, 2023
billion—that was the total audit fees paid by the S&P 500 companies in fiscal year 2022, a record-high amount, according to a recent analysis from Ideagen Audit Analytics. However, the nearly 4% increase in audit fees over FY 2021 was less than the year-over-year inflation rate in 2022 of 6.5% in the U.S., in the U.S.,
105 
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.
125 
Going Concern
AUGUST 9, 2024
With that in mind, Accounting Today recently conducted its inaugural salary survey to create a snapshot of compensation levels across the country. The university said it would post a corrected version of the audit “as soon as possible.” Bet it’s super disruptive and unique and truly speaks to the spirit of this firm.
104 
Going Concern
SEPTEMBER 30, 2022
auditing requirements because in numerous audits over numerous years Deloitte China asked clients to select their own samples for testing and to prepare their own audit documentation. auditing requirements in its component audits of U.S. issuers and its audits of foreign companies listed on U.S.
111 
Going Concern
JULY 31, 2023
Currently KPMG, Deloitte and EY provide both consulting and audit to both the public and private sector. Mr Fels, who has provided evidence to the committee looking into the ethical behaviour the major consultancy firms, said conflict-of-interest concerns about the big four were “a problem of their own making”.
98 
Going Concern
JANUARY 12, 2024
Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. Long Reads How Auditor Deloitte Missed A Nigerian Company’s Massive Fraud [ Forbes ] Hindenburg Research, known for sniffing out corporate scams, took aim in June at an obscure Nigeria-based outfit named Tingo Group. Tingo paid $1.6
111 
Going Concern
FEBRUARY 24, 2023
Some time last year PCAOB inspectors visited China and while details of their visit were kept somewhat quiet from both sides, we were told that the inspectors gained unprecedented access to Chinese audit work.
106 
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 listed Chinese companies conducted by KPMG’s affiliate in mainland China and PwC’s member firm in Hong Kong. auditors to inspect the records of U.S.-listed
110 
Going Concern
OCTOBER 14, 2022
Big Four Audit Giants Shut Down Legal Operations in China Following ‘Regulatory Raids’ [ Law.com ]. The Big Four auditing giants have quietly shut down their legal affiliations in China following intense regulatory scrutiny, according to an investigation by Law.com International, in a major development for Asia’s legal industry.
98 
Going Concern
MAY 30, 2024
Says the ICAEW report: While some accountancy firms favour lower-risk organic growth, the mid-tier has been active in using M&A for growth to meet client demand. The majority of respondents (64%) confirmed that their firm had acquired another in the past and 17% had been part of a merger. So this is interesting.
118 
CPA Practice
OCTOBER 10, 2023
However, as tax regulations become more intricate and audit scrutiny intensifies, the demand for accurate tax preparation continues to grow, adding pressure to tax practitioners. Over the past two years, more than 300,000 accountants and auditors have left their positions, marking a 17% decline from the peak of the profession a few years ago.
105 
Going Concern
MAY 12, 2022
As workers return to the office, many auditors find themselves visiting client sites for the first time. Given the two-year in-person hiatus we’ve all just been through , even first-year seniors don’t know how to approach audit room protocols. This is the most hotly debated audit room rule. Happy auditing! No pinging.
98 
Going Concern
JULY 26, 2022
billion), according to a new analysis from Audit Analytics. Even though SPACs are going through a rough patch, public accounting firms that are SPAC auditing machines were kept the busiest in Q2. Marcum, the top IPO auditor in Q1 of 2022, had the most total IPO audit clients in Q2 with 10, six of which were SPACs.
97 
Going Concern
APRIL 7, 2023
[ Wall Street Journal ] A tap story from WSJ says accountants and writers are among the jobs that could be most affected by AI tools (*gulp*) Big 4 March people moves: KPMG, Deloitte, PwC make senior hires [ AccountancyAge ] Musical chairs across the pond. ’s accounts drew scrutiny from regulators, the firm’s plan to secure a U.K.
106 
Going Concern
NOVEMBER 14, 2023
The PCAOB today announced settled disciplinary orders sanctioning Greece-based PricewaterhouseCoopers Auditing Company SA (PwC Greece) and its partner Nicos George Komodromos for violations of PCAOB rules and standards in connection with the audit of the 2016 financial statements of Aegean Marine Petroleum Network Inc.
119 
ThomsonReuters
SEPTEMBER 3, 2024
The audit industry stands out with its recognition of GenAI’s potential to revolutionize tasks such as predictive analytics, flagging potential areas of concern, data collection, and more. Firms are increasingly integrating these technologies into their workflows, signaling a shift towards more innovative practices.
72 
Going Concern
SEPTEMBER 1, 2023
First things first: The PCAOB found that Warren Averett violated independence requirements during its 2019 and 2020 audits of an issuer, because the firm audited valuations performed for the issuer by another accounting firm that sponsored an alliance of which Warren Averett was a member. Nice to see.
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