Going Concern

OCTOBER 14, 2022

Big Four Audit Giants Shut Down Legal Operations in China Following ‘Regulatory Raids’ [ Law.com ]. Where climate change isn’t global: auditing [ Financial Times Opinion ]. A longer, meatier report from auditors was introduced over the past decade in both the US and Europe.

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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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CPA Practice

FEBRUARY 23, 2024

Amid technological advancements, the audit professional’s role, characterized by a deep attention to detail, compliance and risk management, is proving to be vital well outside the traditional confines of finance. Auditors’ proficiency in validating data ensures the reliability and accuracy of financial information. By Nate Varel.

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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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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.”

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MyIRSRelief

OCTOBER 28, 2022

The most frustrating method is the audit and if you receive an exam notice in the mail, you better take it seriously. This should include your right for CA FTB Audit representation. Our tax representation firm can help you get the best possible outcome from your audit. Reasons why you should have FTB Audit Representation.

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CPA Practice

AUGUST 15, 2023

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. 11 for breaking various auditing rules. Snodgrass, Mancera S.C.,

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Going Concern

OCTOBER 27, 2022

.” The administrators, whose job it is to find some funds to repay NMC creditors, say EY auditors did not detect that NMC’s accounts were fraudulently misstated to the tune of a couple billion dollars. Dr. Shetty is NMC’s founder and he has his own, separate but related legal problems. The administrators say that $1.5

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Snyder

DECEMBER 28, 2022

Many small business owners often feel like they might be a heartbeat away from the IRS tax audit. In fact, according to the IRS data , only about 1 percent of taxpayers are facing an audit. percent of small businesses are getting tax audited. What is a tax audit? Meeting a tax auditor is as frightening as meeting a ghost.

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Going Concern

JULY 31, 2023

Currently KPMG, Deloitte and EY provide both consulting and audit to both the public and private sector. Originally they were just audit firms,” he said. Then the audit firms decided to create this problem by going off and doing their own consulting and the whole thing’s got out of hand.”

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Going Concern

APRIL 7, 2023

PwC offers cutting edge AI technology with ContractPodAi [ ERP Today Magazine ] PwC has entered into an alliance with ContractPodAi, allowing the firm to offer a cutting edge AI-powered legal contract management platform. Last month, audit firm BDO issued a so-called qualified opinion for Revolut’s 2021 accounts.

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ThomsonReuters

SEPTEMBER 3, 2024

The 2024 Generative AI in Professional Services research conducted by the Thomson Reuters Institute provides a comprehensive overview of the burgeoning role of GenAI across various professional sectors, including legal, tax, accounting, risk, and government. AI’s impact on audit jobs and billing Despite the optimism, there are concerns.

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Going Concern

MARCH 8, 2024

Deloitte Legal Chief Sees Opportunity in GCs’ Need to Modernize [ Bloomberg Law ] GC = general counsel The new global head of Deloitte’s legal services arm said he’s focused on delivering more integrated consulting to general counsel while acknowledging the Big Four’s entry into legal services has gone slower than many anticipated.

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Cherry Bekaert

MAY 26, 2023

IT auditors must ensure that organizations have appropriate controls in place to mitigate these risks. IT auditors must ensure that organizations have effective cybersecurity controls in place to prevent and detect cyberattacks. Governing bodies such as the U.S.

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TaxConnex

MARCH 21, 2024

It did, but the South Carolina Department of Revenue later audited Amazon and found that it had failed to adequately tax sales by third-party merchants. Auditors slapped Amazon with some $12.5 million in taxes, penalties and interest for the first three months of 2016.

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CPA Practice

SEPTEMBER 10, 2024

Nearly three weeks after approving a batch of new Public Company Accounting Oversight Board (PCAOB) auditing standards , the Securities and Exchange Commission (SEC) on Sept. 9 OK’d another new rule from the audit regulator, this time on quality control. Does the answer differ depending on whether the person is an auditor?

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Going Concern

NOVEMBER 11, 2022

The next generation of accountants and auditors is in demand, but Ben Lansford, an accounting professor and director of the Master of Accounting program at the Jones Graduate School of Business at Rice University explained why some are hesitant. Audit Fees Rise Only 2.5%, But Audits Require Greater Effort [ CFO ].

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CPA Practice

MAY 14, 2024

The Public Company Accounting Oversight Board (PCAOB) approved a sweeping new standard on the general responsibilities of an auditor on May 13, including a provision that significantly cuts the maximum time period for the auditor to assemble a complete and final set of audit documentation from 45 days to 14 days.

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Going Concern

SEPTEMBER 22, 2023

Harlow advises clients throughout the supply chain ranging from independent operators to vertically integrated operators in the largest legal cannabis markets in the country. The 2023 Forum on Auditing in the Small Business Environment and on Auditing Broker-Dealers is set for Oct.

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PYMNTS

DECEMBER 4, 2020

Munich prosecutors have launched an investigation into the Ernst & Young ( EY ) audit of Wirecard AG, compounding the firm’s troubles associated with $2.3 Auditors being investigated include Andreas Loetscher, an EY veteran for 20 years who is now the managing director at Deutsche Bank.

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CTP

JANUARY 15, 2025

Just the mention of the word audit can strike fear into a taxpayers heartbut with enough preparation, an audit does not have to be a reason for anxiety. Each year, a number of audits are randomly chosen by the IRS, so the possibility of being audited is unavoidable even if your tax return has been filled out perfectly.

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Anders CPA

FEBRUARY 6, 2024

Once your business reaches 80 to 120 employees, it must undergo an audit of its 401(k) plan , but securing a 401(k) audit firm’s services can be a challenge in certain locations. As important due dates get closer, it’s not uncommon to find that 401(k) audit firms have already reached capacity on their client workload.

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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. UHY is the brand name under which UHY LLP and UHY Advisors Inc.

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Accounting Today

OCTOBER 16, 2024

The new regulatory environment has faced legal challenges, creating uncertainty for companies and auditors.

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CPA Practice

JUNE 13, 2024

The Public Company Accounting Oversight Board (PCAOB) on June 12 is seeking to replace an outdated auditing standard on substantive analytical procedures, used by auditors to compare an amount recorded by the client to an amount expected by the auditor to determine whether there’s a misstatement.

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Going Concern

AUGUST 22, 2024

Perhaps our own regulators could learn a thing or two from China about handing down punishments to audit firms. ” “The inaccurate statements and false allegations could tarnish PwC’s reputation and infringe our legal rights,” added that statement. This would be a highly inappropriate article to use PwC Chad on.

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Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? the auditor of Tesla Korea, about the company’s financial statements for last year.

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ThomsonReuters

DECEMBER 27, 2024

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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ThomsonReuters

JUNE 6, 2024

Jump to: What is audit planning? What is included in an audit plan? 7 steps to develop an audit plan How long does audit planning take? Executing the audit plan Audit planning is the bedrock of a successful audit. Audit planning, however, is not a simple, check-off-the-box process.

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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. Without an up-to-date audit, as required by law, municipalities and school districts lose an important tool for keeping their budgets in line. SEC ruling should apply to the PCAOB.

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Going Concern

SEPTEMBER 29, 2023

Deloitte UK said revenue grew 14% to £5.6bn in the year to May, as buoyant markets in the first six months of its financial year bolstered demand for audit and advisory work. It helped offset the “increased caution” among more cash-strapped clients and a slowdown in merger and acquisition activity in the months that followed.

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Going Concern

DECEMBER 8, 2022

People on the inside have said that the split is delayed as the firm hammers out the details, mostly legal.

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ThomsonReuters

MARCH 19, 2024

Jump to: When should you contest an audit? How should you prepare for an audit defense? How can automation help in an audit defense? What if a sales tax audit needs to be appealed? What happens after the audit, win or lose Sales tax audits may be an unfortunate fact of corporate life, but not all audits are the same.

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Going Concern

MARCH 22, 2023

Last spring, administrators for collapsed healthcare group NMC Health filed a big ole negligence lawsuit in London against EY, who audited NMC for 14 years and missed a billion and a half dollars that were inappropriately transferred into NMC founder Dr. Bavaguthu Raghuram Shetty’s bank account before NMC went bust.

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ThomsonReuters

SEPTEMBER 22, 2023

Consider having an outside vendor help audit the tool before and after implementation, to monitor for and correct for any potential disparate impact on protected groups. Should human resource and payroll departments be represented for internal/external audits? The post Legal Expert: Employers Should Conduct Regular Auditing of A.I.

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ThomsonReuters

JANUARY 24, 2023

Driven by the widening range of stakeholders calling for ESG prioritization, an influx of laws and regulations pertaining to ESG, and a rise in ESG investment products, companies are increasingly setting their sights on ESG-related initiatives, such as audit certification. In fact, an article by global management consulting firm McKinsey and Co.,

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Going Concern

OCTOBER 31, 2022

The story is behind a paywall but Law.com says that during a recent Law.com webinar, EY global law leader Cornelius Grossmann said a new EY company, split from its audit business, would focus on largescale clients and projects that are multidisciplinary in nature, with legal services being a key—but not dominant—component.

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