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 262

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 246

CPA Practice

NOVEMBER 27, 2024

However, in 2025, many CPA firms will be dealing with a challenge that is far from new: attracting skilled talent. Meanwhile, the talent shortage in public accounting is worsening as more baby boomers retire, and fewer young professionals enter the field and pursue the CPA designation.

cpa firm 111

cpa firm CPA Technology accounting and finance 111

Going Concern

JANUARY 9, 2025

Training Hours for Audit Personnel. Experience of Audit Personnel. Average years of career experience of senior professionals in key industries audited by the firm at the firm level and the audited companys primary industry at the engagement level. Retention of Audit Personnel (firm-level only). across the firm.

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audit auditor Education accounting firms 125

Going Concern

OCTOBER 18, 2024

SEC’s Dropped Auditing Charges Shows Damage of Jarkesy Decision [ Bloomberg Law ] The Securities and Exchange Commission’s recent decision to drop misconduct charges against a handful of auditors proves the SEC v. Sign up for Always-On Recruiting to get more great candidates like these in your inbox every week.

audit 104

audit auditor New York accounting firms 104

Shay CPA

FEBRUARY 19, 2025

Enter: a financial audit. Whether youre facing an external trigger (like an audit request from an investor or bank) or youre ready to have an outside expert look over your books, your startup can probably benefit from an audit. Thats not to say that audits arent burdensome. Thats not to say that audits arent burdensome.

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audit auditor accrual accounting accounting principles 52

Going Concern

JUNE 1, 2023

In the WaPo opinion pages yesterday one Duncan Mavin, who got his start in the 90s, says the best way to solve the audit industry’s many conflicts is to kill it altogether. He starts the piece summoning the ghost of Enron, as all writers do when discussing what happens when audit goes wrong. billion in global revenue.

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auditor audit Government Transportation 116

Going Concern

JANUARY 3, 2025

The new platform of roughly 12,000 professionals will include a united Trans-Atlantic advisory and tax practice, as well as independent audit practices. Upon completing its investigation, Wonder CPA began sending out data breach notification letters to all individuals whose information was affected by the recent data security incident.

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auditor audit Rhode Island cpa firm 98

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

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

CPA Practice

DECEMBER 9, 2024

Staff report The latest edition of the Public Company Accounting Oversight Board (PCAOB) Audit Focus series provides staff insights for auditors on audit committee communications. The regulator launched the Audit Focus series last month with critical audit matters as the first topic.

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auditor audit accounted accountant 52

Going Concern

FEBRUARY 6, 2025

The AICPA Code of Professional Conduct has had robust protections in place regarding outside investment in CPA firms for more than 25 years. Only licensed CPA firms can provide attest services, with clearly defined firewalls required for investors taking a piece or outright control of an entity that provides only non-attest services.

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audit auditor cpa firm CPA 90

CPA Practice

DECEMBER 3, 2024

The two firms operate as separate legal entities in an alternative practice structure: UHY LLP is a licensed independent CPA firm that performs attest services, while UHY Advisors provides tax and business consulting services through subsidiary entities.

Non-Profits 111

Non-Profits tax consultant cpa firm auditor 111

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

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

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

CPA Practice

NOVEMBER 11, 2024

In the coming months, my K2 organization and this column will continue to cover useful AI tools for Client Accounting Services (CAS), tax, and audit. Batch Extensions from HubSync : Helps CPA firms prepare extensions in bulk. AuditBoard : Offers robust risk management and audit automation features.

accounting firms 111

accounting firms Technology accountant accounted 111

Going Concern

JUNE 13, 2022

As I’m sure you’ve heard by now the profession is having trouble recruiting future CPAs. Those enrolled in the program will receive additional support for completion of the final parts of the CPA exam once they begin client work. KPMG CPA Kickstart launches this summer in 35 offices and so far 225 new hires are enrolled.

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CPA audit auditor cpas 105

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

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

CPA Practice

APRIL 7, 2023

In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. With an onslaught of economic disruptions and complexities on their plate, a CPA shortage proves especially burdensome for middle market companies.

accounting firms 139

accounting firms CPA Technology accountant 139

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.

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audit cpa firm auditor CPA 105

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

Going Concern

JANUARY 1, 2025

AICPA creating more barriers to entry; not for the people, poor CPA exam procedures Pay gaps at intermediate experience levels. As well as hurting CPA culture in process. Add on a CPA cert that takes a year to study for and obtain. Skills gaps caused by pandemic, technology (AI included) and hybrid work environment.

accountant 105

accountant accounted Account cpas 105

CPA Practice

APRIL 3, 2023

In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. With an onslaught of economic disruptions and complexities on their plate, a CPA shortage proves especially burdensome for middle market companies.

accounting firms 135

accounting firms CPA Technology accountant 135

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

NOVEMBER 19, 2024

By Jeff Gramlich, CPA, CITP In today’s audit landscape, we’re witnessing the early stages of an AI revolution. Before AI can transform audit, we need to solve the fundamental challenge of making financial data flow freely and consistently across systems. Create audit trails that make decision-making transparent and accountable.

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auditor audit Technology CPA 52

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. Some are even turning away business due to a shortage of staff.

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audit auditor accountant accounted 132

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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audit auditor forensic accounting Technology 124

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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audit auditor Technology financial statements 111

Summit CPA

OCTOBER 10, 2024

Information concealed during an audit. It’s stressful enough just going through a tax audit. Do not withhold information from an auditor intentionally. Hiding information from an auditor may create a fraudulent situation. The first thing you should do if you are selected for an audit is to seek help.

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auditor audit tax return Tax 93

Going Concern

SEPTEMBER 20, 2023

note: This post brought to you by the Big Government Auditing lobby. Just kidding, it’s a guest post from Parker Skaats, CPA, an experienced government worker who’s here to pitch the joys of government work to the unwashed overworked masses. Enter the world of government auditing. Okay, let’s be real for a second.

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Government audit CPA auditor 124

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

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

CPA Practice

NOVEMBER 13, 2024

The Public Company Accounting Oversight Board (PCAOB) introduced on Wednesday a new series of staff guidance, “Audit Focus,” that is intended to provide easy-to-digest information to auditors, especially those who audit smaller public companies, with critical audit matters (CAMs) as the first topic.

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auditor audit financial statements accountant 81

Going Concern

JUNE 29, 2022

With the EY cheating scandal making headlines even outside of our precious little accountosphere we decided to take a look at the full SEC order to answer the question — how and why were EY auditors cheating on CPE exams? The long and short of it is, EY auditors trying to shortcut CPE took advantage of a software exploit.

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auditor audit CPA accounting principles 116

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.

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Technology accountant accounted Account 111