Going Concern

JANUARY 3, 2025

PR Newswire ] Aprio, the 25th largest business advisory and accounting firm in the U.S., announces the strategic acquisitions of two leading accounting firms, KRD, Ltd. The new platform of roughly 12,000 professionals will include a united Trans-Atlantic advisory and tax practice, as well as independent audit practices.

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CPA Practice

AUGUST 8, 2023

Champions of audit quality will not be happy with this news from the Public Company Accounting Oversight Board (PCAOB). A staff report released by the audit regulator late last month shows a year-over-year increase in the number of audits with deficiencies at audit firms that the PCAOB inspected in 2022.

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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. So they might catch a fine from the audit regulators. The devil’s in the details, people. I dunno, you guys.

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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.

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ThomsonReuters

NOVEMBER 26, 2024

To achieve this, many forward-looking accountants and tax preparers are shifting toward a fully digital tax workflow. Let’s take a look at what a digital tax workflow is all about and how it can unlock efficiencies for your accounting firm. Jump to ↓ What is a digital tax workflow? What is tax workflow automation?

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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. Award winners and finalists are presented alphabetically.

Technology 124

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CPA Practice

JUNE 24, 2024

I asked ChatGPT what forms it recommended for a CPA firm. Here is the answer I got (since ChatGPT is nondeterministic, you won’t get the exact same answer I got.): For a CPA (Certified Public Accountant) firm, creating and utilizing various forms and templates can significantly streamline practice management tasks.

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CPA Practice

DECEMBER 19, 2023

In an era where AI, particularly generative AI, is reshaping industries, small accounting firms stand at a crossroads. As we approach 2024, the integration of AI into accounting practices is not just an opportunity for an advantage, but a necessity. Training your team on the importance of data integrity and security is vital.

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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. Today’s reports are a powerful first step toward accountability.

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Going Concern

NOVEMBER 4, 2024

Reports NL Times : The accountancy firm Ernst & Young (EY) is the latest accounting company to discover exam fraud. The fraud consisted of accountants sharing answers to mandatory tests, which is not allowed. Public trust in the auditing profession is under intense pressure. Should that be allowed?

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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.

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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.

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Going Concern

JANUARY 8, 2024

Hey remember the Bloomberg story last March about how staff shortages at audit firms were causing municipal credit ratings to tank ? S&P has placed 149 long-term, underlying and program ratings on a negative credit watch this year because the ratings company hasn’t received 2021 financial statements from the issuers.

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CPA Practice

MARCH 15, 2023

They often focus their efforts to maximize the eventual sales value of the acquired business via a combination of targeted acquisitions of other firms, capital investments, expansion into profitable niches, waste reduction, tech adaptation, streamlining and other measures. What size accounting firms are private equity groups eyeing?

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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. The solution is entirely in [firms’] hands.

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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.

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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%

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Going Concern

JANUARY 6, 2025

Business Insider wrote up a PCAOB report that discusses culture at the top six firms: Accounting firms have been making more errors, but bosses are split on whether remote work is to blame 64% of respondents said that improving work-life balance for firm personnel improves audit quality.

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Going Concern

MAY 12, 2022

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. So h ere are some key rules you should follow in the audit room whenever you do go back : Rule #1: Answer personal calls AFTER you are all the way out of the room. Happy auditing! No pinging.

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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.

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Going Concern

JULY 11, 2022

The UK watchdog last month issued a £5m fine for failures in its audit of the construction firms Galliford Try and Kier. PwC is also facing investigations by the UK’s Financial Reporting Council into outsourcer Babcock, wound-down Wyelands Bank, collapsed investment firm London Capital and Finance, and Eddie Stobart Logistics.

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Withum

SEPTEMBER 8, 2022

Audited financial statements are a cornerstone of the financial markets. Tonight I will conduct my second Auditing class session of this semester at Fairleigh Dickinson University, and I will be teaching what the auditor’s opinion means and what auditors do to arrive at their opinion.

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Going Concern

AUGUST 15, 2023

EY client Bank of America sent a similar notice to its customers last week , that notice did not go into detail as to the why an accounting firm would have had access to this customer information like Popular’s does. Upon learning of the incident, PwC immediately launched an investigation and ceased using the impacted software.

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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. As of Aug.

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Accounting Insight

JANUARY 22, 2025

Caseware , a global leader in cloud-enabled audit, financial reporting and data analytics solutions, today announced the acquisition of Extractly.ai , the provider of intelligent document processing solutions that streamline the audit process for accounting and finance teams. Founded in 2021, Extractly.ai

Technology 52

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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. In 2018, Veritas Capital, which invests in businesses at the intersection of government and technology, acquired the U.S.

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Going Concern

SEPTEMBER 22, 2023

Former employee of Chattanooga accounting firm speaks out [ Local 3 ] A former employee of Croft and Frost is speaking out following the accounting firm’s shutdown that cost him and his coworkers their jobs. The 2023 Forum on Auditing in the Small Business Environment and on Auditing Broker-Dealers is set for Oct.

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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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Going Concern

NOVEMBER 11, 2022

The Big Four accounting firms are even reaching out to high school students to share that message and creating more flexible work environments, Lansford says. Behemoth’ big four consulting firms keep getting bigger [ Australian Financial Review ]. Income at the big four consulting firms jumped 17 per cent to hit $9.91

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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.

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Going Concern

MARCH 8, 2024

In an interview with Bloomberg Law, Punt said he is optimistic about growing the accounting giant’s market share for the proactive services Deloitte calls “business transformation,” arguing general counsel need to deliver more value to their businesses through streamlined processes. When conducting the fiscal year 2021 audit of Tingo, Inc.,

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CPA Practice

AUGUST 17, 2023

In July, more than 20 of the profession’s thought leaders met for the virtual Avalara Accounting Meta Influencers roundtable discussion of how AI will likely impact accounting firms and their clients, and to start developing best practices firms can embrace to best optimize its potential benefits.

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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. 4) Make additional conforming amendments. 4) Make additional conforming amendments. . ·

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CPA Practice

AUGUST 28, 2024

Fieldguide for Financial Audit 2024 CPA Practice Advisor Innovation Award Finalist [link] Fieldguide, the only AI platform for audit and advisory firms, recently launched one of its most impactful innovations this year: Fieldguide for Financial Audit. End-to-End Audit Efficiency.

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Going Concern

OCTOBER 14, 2024

Land an internship at a prestigious accounting firm. Fast forward to her sitting for the CPA exam 10 times and failing 9 while still in grad school… I had a glaring red flag in front of me that I was in the wrong profession, and yet, I clung to my career in accounting because it was a part of the plan. Graduate undergrad.

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Going Concern

JULY 26, 2024

The multinational accounting firm promoted Carr to partner in 1999. She also founded Deloitte’s National Tax Accounting Group and helped create its Global Tax Accounting Group, which she is leading until her September retirement. Ditzler is also a member of the audit committee of the Oklahoma City Community Foundation.

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CPA Practice

JANUARY 2, 2024

MaloneBailey, LLP Welcomes Howie Tang, New Audit Partner MaloneBailey, LLP, a global, mid-market, public accounting firm based in Houston, Texas, recently announced that Howie Tang, CPA has joined the firm as an Audit Partner. Tang joins the firm from Marcum Asia CPAs LLP where he served as an Audit Partner.

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