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Brit Audit Cops Want Firms to Snitch if Private Equity is Sniffing Around

Going Concern

UK audit cops at the Financial Reporting Council (FRC) have told firms they’re expected to rat themselves out if the firm is in discussions with private equity about handing over ownership, reported FT. “The FRC is not in principle against a greater participation of external private capital in the UK audit market.”

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TIGTA Does Some Digging on the Revolving Door Between the IRS and Large Accounting Firms

Going Concern

The Congressional request specifically noted interest in large accounting firms. The request, received by TIGTA on February 18, 2022 urged TIGTA to “open an inquiry into the revolving door between the country’s top accounting firms and the Federal Government and to inform Congress and the public about [TIGTA’s] findings.”

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BDO Says It Is No Longer Doing Business In Russia and Belarus

Going Concern

The latest top accounting firm to turn its back on Russia and Belarus is No. The former Russian member firm operates entirely independently under the name of Unicon. We will work to support our clients in fulfilling our legal obligations and commitments. BDO is removing BDO Belarus from its global network.

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The danger of overheard conversations

Accounting Insight

Sitting in this space means it’s entirely possible that you might hear the telephone conversations being made or received – including who the receptionist is talking to, who they are transferring calls to and which services the caller might need, perhaps insolvency support, audit expertise or tax advice.

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Friday Footnotes: Inside PwC Cheating; Audit Market Monopoly; AI Anxiety | 12.15.23

Going Concern

Cheaters What went wrong at PwC Canada: Accounting firm agrees to pay $1.45-million million to settle exam cheating scandal [ Canadian Accountant ] The Canadian member firm of PricewaterhouseCoopers International has agreed to pay the Chartered Professional Accountants of Ontario $1.45

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Friday Footnotes: CPAs Need to Get Contemporary; Internal Audit Priorities for 2024; A PwC Comic Book? | 8.30.24

Going Concern

26 in state Superior Court in Passaic County, Richard Hekemian alleges that Sills Cummis & Gross, based in Newark, “overcharged and overbilled” him, including through double and multiple billing “for the same legal services, or simply ‘padding’ the invoices.” In the four-count suit filed Aug.

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Friday Footnotes: PCAOB Demands More Tedious Paperwork From Firms; PwC Partners Retire Early; KPMG Redeems Itself? | 11.22.24

Going Concern

Audit Large Accounting Firms Will Have to Submit Financial Statements to U.S. Regulator [ Wall Street Journal ] Large accounting firms will have to submit financial statements annually to the U.S. Regulator [ Wall Street Journal ] Large accounting firms will have to submit financial statements annually to the U.S.

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