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.

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audit Finance auditor Technology 143

Accounting Today

NOVEMBER 14, 2023

Average audit fees increased by 4.6% from 2021 to 2022, and more auditors are using data analytics in their audits, according to a new report.

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auditor audit Technology 129

Accounting Today

OCTOBER 7, 2024

The Center for Audit Quality and the Anti-Fraud Collaboration released a new publication on the role of the auditor in assessing and responding to fraud risk.

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auditor audit 122

TaxConnex

OCTOBER 24, 2023

Our third annual survey of financial professionals showed that although most companies (67%) reported that state sales tax audits have remained at the same level over the past two years, almost one in four respondents (23%) said they expect such audits to increase in coming months. “Scary” has five letters. Read the notice.

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audit Sales Tax auditor 147

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. 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. 1, A Firm’s System of Quality Management , adopted by the AICPA.

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auditor audit financial statements accounting firms 126

CPA Practice

NOVEMBER 13, 2024

Sikich , a Chicago-based leading global technology-enabled professional services company, announced IAEdge , a comprehensive tool that combines traditional Quality Assurance Review (QAR) with the Internal Audit Capability Model (IA-CM) framework.

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audit auditor 110

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.

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auditor audit accounting firms public accounting 115

RogerRossmeisl

NOVEMBER 9, 2023

Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS Audit Techniques Guides (ATGs). Issues unique to certain taxpayers IRS auditors need to examine.

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auditor audit tax return Construction 130

TaxConnex

NOVEMBER 29, 2022

that the likelihood of your business being audited is low, but that likelihood has been increasing in recent years. more than one in four (26.7%) top finance professionals reported seeing an increase in state sales tax audits in the past two years. You received a sales tax audit notice from a jurisdiction. Data shows?that

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audit auditor general ledger Non-Profits 215

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.

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auditor audit financial statements Legal 112

TaxConnex

APRIL 28, 2022

In years past, auditors could show up at your door asking to look at your records. Usually, you learn about an audit through a notice or letter from the state or jurisdiction in question with instructions on how the audit will proceed. Many audits are conducted remotely, and an auditor never visits your office.

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audit auditor general ledger Minnesota 208

CPA Practice

OCTOBER 30, 2024

According to the results of a survey released today by the Center for Audit Quality (CAQ), concerns about a potential recession, ongoing inflation, and the U.S. election are fresh on the minds of audit firm partners as the start of 2025 nears. Despite the risks, audit partners’ outlook for the U.S. Topics covered include U.S.

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audit auditor Technology Finance 115

FraudFiles

NOVEMBER 5, 2024

Even with all the publicity surrounding the issue of financial fraud in the last 20+ years, most auditors, investors, and other professionals still do not “get it” when it comes to detecting fraud. Traditional financial statement audits were never designed to detect fraud.

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auditor audit financial statements 52

CPA Practice

JULY 11, 2024

a provider of assured integrated reporting, has added the Global Internal Audit Standards to the Workiva platform, making it the first SaaS company to incorporate the newest standards into its suite of GRC (governance, risk, and compliance) solutions. Workiva Inc.,

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audit auditor Washington Government 111

CPA Practice

NOVEMBER 19, 2024

A new analysis of audit committee disclosures of companies in the S&P 1500 reveals a plateau in disclosure rates across several areas important to investors, including considerations in appointing or reappointing the external auditor, length of auditor tenure, and how the audit committee evaluates audit fees in relation to audit quality.

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audit auditor Government 59

Going Concern

NOVEMBER 1, 2022

Last week the Australian Securities and Investments Commission (think Aussie PCAOB) informed us that Deloitte and KPMG need to take “continued deliberate and concerted action” to improve the quality of their audit work because apparently it is just that bad. In short, things are not looking so hot for upside down auditors.

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auditor audit Start-ups Technology 111

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 Account 128

CPA Practice

JULY 23, 2024

The largest audit firms in the U.S. The integration of GenAI in audits and financial reporting is in its early stages but rapidly evolving,” the PCAOB said in the report. Audit firms and preparers alike emphasized that they are continuing to explore various ways of integrating GenAI-enabled tools in auditing and financial reporting.”

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auditor audit financial statements Legal 109

CPA Practice

SEPTEMBER 5, 2024

Keeping up with sales tax changes can be difficult and, even if you’re careful, your business can be selected for a state audit. Just the thought of being selected for a sales tax audit can be intimidating.

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audit Sales Tax auditor 115

CPA Practice

SEPTEMBER 17, 2024

Accounting automation platform Trullion announced its Audit Suite, a cloud-based solution designed for auditors to leverage artificial intelligence to enhance accuracy and reduce human error in audits. Our Audit Suite is designed to meet these demands and put audit teams in the driver’s seat so they can see results fast.”

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audit auditor accounts payable financial statements 102

TaxConnex

SEPTEMBER 20, 2022

The sales tax audit can be one of the scariest – and costliest -- things an online business ever goes through. If you do get hit with an audit, it’s critical to handle the process correctly. Last time we looked at mistakes companies make leading up to an audit (Check out part 1 here). Those under audit often react emotionally.

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audit Sales Tax auditor 225

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.

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audit auditor cpa firm public accounting 111

RogerRossmeisl

SEPTEMBER 6, 2021

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” The post What IRS Auditors Know About Your Business Industry appeared first on Roger Rossmeisl, CPA. Unique issues IRS.

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auditor audit Construction CPA 181

CPA Practice

AUGUST 12, 2024

Luckily, companies with internal audit resources already have in place a valuable contributor to ensuring ESG success. Our ESG Solutions Practice recently spoke on the role of internal audit in ESG strategy. These were the key roles and use cases for internal audit resources in an ESG strategy.

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audit auditor Government 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. This growing consensus highlights the perceived relevance of GenAI in modernizing audit practices.

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auditor audit tax accountant Tax 72

TaxConnex

APRIL 4, 2023

You just got notice of a sales tax audit. Wherever you are in your sales tax compliance, these steps will help your audit process run smoother. Many happenings can ignite an audit. An audit of one of your suppliers could turn up one of your exemption certificates for something the auditor may think is taxable.

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audit Sales auditor Tax 130

ThomsonReuters

NOVEMBER 4, 2024

← Blog home In the rapidly evolving field of auditing, AI-powered technologies are revolutionizing traditional processes. As emerging technologies and regulations reshape the field, many auditors find themselves grappling with outdated processes and inefficiencies. link] How can AI-powered technology help audit professionals?

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audit Technology auditor CPA 52

RogerRossmeisl

JUNE 26, 2022

On 6/1/22, the IRS made available an update to the “Cost Segregation Audit Techniques Guide” (Publication 5653). Originally issued in 2004, the purpose of the Audit Techniques Guide (ATG) was to offer guidance to IRS auditors auditing cost segregation studies.

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audit auditor CPA Tax 210

MyIRSRelief

JANUARY 7, 2024

Tax audits can be a daunting experience for any taxpayer, and when it comes to the Employment Development Department (EDD) audits, the stakes can be particularly high. An EDD tax audit focuses on ensuring that businesses comply with CA state payroll tax laws, which can be complex and multifaceted.

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audit payroll tax Tax auditor 130

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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audit Sales Tax auditor 205

MyIRSRelief

JUNE 28, 2024

Tax audits can be a daunting experience for any taxpayer. The California Franchise Tax Board (FTB) conducts audits to ensure compliance with state tax laws and to verify the accuracy of tax returns. Understanding the audit process and knowing your rights can significantly ease the stress associated with an audit.

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audit California Tax tax return 130

Going Concern

JULY 30, 2024

Yesterday, KPMG announced it is integrating generative AI into its in-house audit system called Clara. This, says KPMG US Vice Chair of Audit Scott Flynn, will empower the firm’s 9,000 auditors to deliver quality audits. and Global Audit Chief Technology Officer.

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audit auditor Technology financial statements 106

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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auditor audit accounting firms financial statements 65

CPA Practice

SEPTEMBER 26, 2024

Thomson Reuters recently launched Thomson Reuters Audit Intelligence, a suite of artificial intelligence-powered, data-driven audit solutions designed to transform audit practices by reducing errors and enhancing confidence while enabling auditors to realize efficiency gains.

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auditor audit general ledger Technology 59

Accounting Today

AUGUST 20, 2024

The commission approved proposals from the PCAOB around contributory liability, the responsibilities of the auditor, and technology-assisted data analysis.

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auditor audit 133

Going Concern

DECEMBER 21, 2023

Assuming no one but select audit partners actually read this crap, let’s take a look at how auditors should expect increased vigilance in 2024 so everyone can be better informed and stock up on KY. These include prior inspection results and the emerging risks pertaining to a particular audit firm or industry.

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auditor audit financial statements 119

Withum

MAY 9, 2024

In two weeks, I will be teaching a graduate course on audit concepts and methods to accounting students at Fairleigh Dickinson University. However, my role is not just to teach the material but to excite them about accounting as a profession and auditing in particular and share my pride in the vital role auditors play in our ecosystem.

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auditor audit financial statements forensic accounting 59