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Understanding AI and automation in accounting

Accounting Insight

By analysing large volumes of financial data, AI algorithms can identify patterns and anomalies that may indicate fraudulent activities — leaving the deeper investigation work to the accountants and auditors. Another area where AI is making a significant impact is in tax compliance.

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Understanding ESG audits: Checklist and best practices

ThomsonReuters

From measuring sustainability to quantifying the ethical impact of supply chains, accountants and auditors have an expanding role to play in determining the integrity of a company’s disclosure of ESG topics. . Increasingly, businesses are engaging third-party assurance auditors to report on those ESG disclosures. .

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What is FRF for SME?

KROST

One of the many benefits of using the FRF for SME framework is that it was designed with business owners in mind, and it forms a meeting point between accrual accounting standards preferred by tax preparers and lenders and real-world business concerns like liquidity and cash flows. Rebecca Hickle, CPA , Manager.

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Guide to accountant responsibilities

ThomsonReuters

In general, an accountant’s job description includes common accounting tasks such as: Performing risk analysis evaluations. Working with external auditors. Furthermore, accountants are increasingly focusing on a particular vertical or niche to further boost their competitive edge. Recording disbursements and payments.

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What auditors should keep in mind when taxes and laws change

ThomsonReuters

← Blog home As a new presidential administration takes shape, the potential for substantial shifts in tax laws and other financial regulations is top of mind for auditors. Consider a tax specialist to help manage complexity 5. In particular, auditors should look for: New significant risks. Uncertain tax positions.

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How do you audit crypto? It starts with understanding how to report on it.  

ThomsonReuters

Blog home With the introduction of Accounting Standards Update 2023-08, Subtopic 350-60, the landscape for accounting, audit, and assurance of cryptocurrency is evolving. Unique audit risks related to cryptocurrency What is an auditors responsibility in crypto audits? What can accountants do to prepare for crypto audits?

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Friday Footnotes: More Layoffs at KPMG; PwC Offers AI for Dummies; DEI Initiatives are MIA | 6.21.24

Going Concern

Practice Accounting Guidance for ESG Projects & AI Usage in Auditing [ Resourceful Finance Pro ] In a matter of months, companies will possess first-ever guidelines for environmental credit accounting. traded on the pink sheets, according to a Bloomberg Tax review of securities filings. Wait, that sounds kind of creepy.

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