PCAOB finds auditor evaluation deficiencies
Accounting Today
APRIL 19, 2024
Seventeen percent of comment forms in 2021 and 2022 contained auditor evaluation deficiencies, according to the PCAOB.
auditor Related Topics 
How IRS Auditors Learn About Your Business Industry
RogerRossmeisl
NOVEMBER 9, 2023
Issues unique to certain taxpayers IRS auditors need to examine. The post How IRS Auditors Learn About Your Business Industry appeared first on Roger Rossmeisl, CPA. Other guides address issues that frequently arise in audits, such as executive compensation, passive activity losses and capitalization of tangible property.
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Fooling the Auditors in 7 Easy Steps
FraudFiles
APRIL 30, 2024
Even with all of the publicity surrounding the issue of financial fraud in the last couple of decades, most auditors, investors and other professionals still do not “get it” when it comes to detecting fraud. The audit is simply a process by which auditors check [.]
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What IRS Auditors Know About Your Business Industry
RogerRossmeisl
SEPTEMBER 6, 2021
In other words, your business can use the same guides to gain insight into what IRS auditors know, and what the IRS is looking for in terms of compliance with tax laws and regulations. The post What IRS Auditors Know About Your Business Industry appeared first on Roger Rossmeisl, CPA. Unique issues IRS.
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SEC warns auditors about cash flow statement
Accounting Today
DECEMBER 7, 2023
The Securities and Exchange Commission's chief accountant cautioned auditors and public companies about the statement of cash flows after spotting problems that could lead to a financial restatement.
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For the Eighth Year in a Row, EY Is the Busiest Public Company Auditor
Going Concern
APRIL 11, 2024
Keeping with a yearly tradition more reliable than the arrival of Santa in the early hours of December 24, Ideagen Audit Analytics has released their annual market share analysis of auditor engagements for public companies. The post For the Eighth Year in a Row, EY Is the Busiest Public Company Auditor appeared first on Going Concern.
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How Auditors Are Seizing the Day with Artificial Intelligence
CPA Practice
MARCH 4, 2024
Auditors, like so many others today, are seizing the opportunity to transform how they work by adopting artificial intelligence. These findings make it critical for those of us in the audit profession to help the next generation understand the vision and opportunities that await those who choose this career path as auditors embrace AI.
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Kill the Audit Industry, Says Ex-Auditor
Going Concern
JUNE 1, 2023
Bringing things back to this decade, he then talks about what’s going on at PwC Australia even though auditors weren’t the ones using confidential government data to bill clients for tax avoidance plans. For starters, auditors are paid by the companies they’re auditing. If they find a problem, they risk losing a client.
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IAASB proposes to increase auditors' responsibility to spot fraud
Accounting Today
FEBRUARY 6, 2024
The International Auditing and Assurance Standards Board is proposing to toughen its rules for requiring auditors to look for signs of fraud in a client's financial statements.
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Auditor evaluation deficiencies are more frequent than you think: How to ensure an accurate data review
ThomsonReuters
APRIL 30, 2024
Auditors rely on data review to ensure the reliability and integrity of financial statements. Auditors must ensure that financial statements are free from material misstatements and that all relevant information is included. It helps auditors identify errors, irregularities, and potential fraud.
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PCAOB proposes to toughen rule for auditor liability for negligence
Accounting Today
SEPTEMBER 19, 2023
The Public Company Accounting Oversight Board issued a proposal to amend its rule for an individual auditor's or audit firm's contributory liability for knowingly or recklessly contributing to violations.
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PCAOB Looks to Amend Rule on Auditors’ Liability for Audit Firm Violations
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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Average audit fees are rising as auditors turn more to technology
Accounting Today
NOVEMBER 14, 2023
from 2021 to 2022, and more auditors are using data analytics in their audits, according to a new report. Average audit fees increased by 4.6%
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WTF Happened at SVB and Should KPMG Auditors Have Seen It Coming?
Going Concern
MARCH 15, 2023
While the general investing public is asking “where were the auditors?” To any members of the general investing public reading this: “due professional care” means the independent auditor planned and performed the work required of them according to audit standards. Back to the auditors.
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Deloitte Auditors Got Caught Changing Their Computer Clocks to Backdate Workpapers
Going Concern
NOVEMBER 1, 2023
The press release says: A number of Deloitte auditors in Ontario changed the date and time settings on their computer clocks to manually override controls in Deloitte’s audit software and backdate audit working paper signoffs between November 2016 and May 2018. CPA Ontario announced yesterday Deloitte will be paying $1.59 million ($1.15
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Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries?
Going Concern
APRIL 8, 2024
The Association of Chartered Certified Accountants (ACCA) recently published some results from a survey of more than 6,500 finance professionals , the bulk of them auditors, from 150 countries and while the entire thing is packed with fascinating (if predictable) results, two areas in particular are crying out to be highlighted.
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Brace for impact: What auditors can learn from the airline industry
Accounting Today
MARCH 7, 2024
Just as tired pilots and crew members pose risks to flight safety, auditors fatigued from excessive workloads compromise the quality and reliability of audits.
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UK Audit Regulator Chair Says Cheap-Ass Firms Should Pay Their Junior Auditors Better
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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Institute of Internal Auditors Adds Malta and Somalia to its Global Federation
CPA Practice
AUGUST 22, 2023
The Institute of Internal Auditors (IIA) – the internal audit profession’s leader in standards, certifications, education, research, and technical guidance worldwide – has approved Malta and Somalia as new affiliates to its global federation, further extending The IIA’s extensive international reach.
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Internal auditors eye top global risks
Accounting Today
SEPTEMBER 28, 2023
Cybersecurity and human capital rank as the top risks among internal auditors around the world, according to a new survey.
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Internal auditors optimistic on economy, talent, but risks remain
Accounting Today
NOVEMBER 16, 2023
A recent survey has found internal auditors are optimistic about the economy and about the availability of talent going into 2024 despite ongoing risks in both areas.
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PwC Is the Winner of the 2022 Auditor Rankings, European Edition
Going Concern
DECEMBER 20, 2023
.” See below: Mandatory auditor rotation is in effect in Europe but handled differently by the 30 countries subject to it, see this helpful PDF. The post PwC Is the Winner of the 2022 Auditor Rankings, European Edition appeared first on Going Concern. You can snag the report from them here. pissing contests reports
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Carillion Liquidators Roast KPMG: “A Competent Auditor Would Have Detected the Misstatements”
Going Concern
NOVEMBER 29, 2022
Qualified opinions indicate that auditors have found issues in a company’s financials. Carillion says the value of two contracts alone in the year ended in 2016 was misstated by nearly £352 million and that had KPMG acted as a reasonably competent auditor, it would have detected the misstatements.
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The PCAOB Did Not Appreciate Being Left Out of a Foreign Audit Firm’s Use of Foreign Auditors
Going Concern
OCTOBER 25, 2023
Expect more of these fines to come, the PCAOB made use of other auditors one of its many nitpicking pet issues last year. See: Planning and Supervision of Audits Involving Other Auditors and Dividing Responsibility for the Audit with Another Accounting Firm , PCAOB Release No.
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Our Audits Sucked Because the Auditors Are Exhausted, Says Deloitte Australia
Going Concern
NOVEMBER 1, 2022
In short, things are not looking so hot for upside down auditors. Auditors are tired. You’ll note Australia is struggling with the same auditor shortages as every other market. May God have mercy on auditors’ souls. via Australian Financial Review. Ready for this? last year for year-end inventory counts.
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IT Auditors See Cyber Risks, Data Privacy and Talent Shortages as Top Challenges
CPA Practice
OCTOBER 10, 2023
As the scale of emerging technology risks facing companies continue to multiply, IT auditors play a key role in identifying these threats and helping their organizations to navigate them. A new survey conducted by Protiviti and The Institute of Internal Auditors (IIA) reveals which risks are keeping IT auditors up at night.
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Audit Supervisors at the PCAOB Want Auditors to Better Supervise Their Auditors
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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Someone Tell Hong Kong There Is Not an Unlimited Supply of Offshore Accountants and Auditors
Going Concern
JULY 19, 2023
Hong Kong is suffering from “a serious talent shortage” according to an article today in South China Morning Post and The Hong Kong Association of Registered Public Interest Entity Auditors (PIEAA) says accounting firms should start looking overseas.
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Institute of Internal Auditors Reviewing SEC’s New Climate Change Disclosure Rule
CPA Practice
MARCH 8, 2024
The Institute of Internal Auditors is currently reviewing the U.S. For internal auditors, the final rule involves new areas of review and assurance to the board regarding compliance with the new rule. Securities and Exchange Commission (SEC)’s newly-issued Climate Change Disclosure Rule.
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Institute of Internal Auditors Reviewing SEC’s New Climate Change Disclosure Rule
CPA Practice
MARCH 7, 2024
The Institute of Internal Auditors is currently reviewing the U.S. For internal auditors, the final rule involves new areas of review and assurance to the board regarding compliance with the new rule. Securities and Exchange Commission (SEC)’s newly-issued Climate Change Disclosure Rule.
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PCAOB Looks to Add Rules for Auditors on Technology-Assisted Analysis
CPA Practice
JUNE 27, 2023
The proposal includes changes to update aspects of AS 1105, Audit Evidence , and AS 2301, The Auditor’s Responses to the Risks of Material Misstatement. Auditors use technology-assisted analysis in many audit areas, including those involving significant risks of material misstatement to financial statements due to error or fraud.
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Accountants and auditors join forces to promote profession in Uzbekistan
Accounting Insight
AUGUST 3, 2023
ACCA (the Association of Chartered Certified Accountants), the Chamber of Auditors for Uzbekistan (COA) and the National Association of Accountants and Auditors of Uzbekistan (NAAAU) have signed a deal to work together. The three bodies will also look at working on capacity building projects. You can register for a free ticket here.
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PCAOB Turns Up the Heat on Auditors to Find Fraud
CPA Practice
JUNE 7, 2023
The PCAOB on Tuesday introduced a proposal amending current PCAOB auditing standards related to the auditor’s responsibility to detect noncompliance with laws and regulations, including fraud, in the audit of a public company. Those very same investors are who we are here to protect. And that’s what we are doing today with this proposal.
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Head Regulator Said He’ll Break Out the World’s Smallest Violin For Auditors Crying About Tougher Regulation
Going Concern
APRIL 7, 2023
Auditors who think robust regulation of their sector is disproportionate deserve “the world’s smallest violin”, the head of the UK accounting watchdog has said. Thompson said that if auditors did not want to face such pressure, they should do a better job, these people added.
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Adler finds small auditor to vet results after long search
Accounting Today
OCTOBER 17, 2023
The real estate company has been trying to hire a new auditor since its previous one, KPMG, quit in May last year.
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Turning up the temperature on auditors
Accounting Today
MARCH 4, 2024
A roundup of the flood of sanctions, fines and penalties issued over the past year or so by the PCAOB.
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Friday Footnotes: Disengaged Team? Do This; Deloitte’s Huge India Expansion; Auditors Yelled At…Again | 3.24.23
Going Concern
MARCH 24, 2023
Auditors have done so too. Adler, ditched by its auditor KPMG last year after the Big Four firm issued a disclaimer opinion for the 2021 results, has so far been unsuccessful in its search for a replacement. Auditors Are Demanding Concessions in Split [ Wall Street Journal ] Ernst & Young’s renegade U.S.
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Friday Footnotes: RTO Isn’t Going So Great; KPMG Wins Something; What Auditors? | 5.19.23
Going Concern
MAY 19, 2023
Each received the same set of questions, aimed at measuring what share of crypto’s upper echelon employs a third-party auditor and has an independent board. Around half of the businesses surveyed currently engage an independent auditor to assess their finances, the findings showed. Chinese companies switch auditors to avoid U.S.
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Monday Morning Accounting News Brief: ‘Auditors Are Not Lawyers’; Big 4 Break Up? | 7.31.23
Going Concern
JULY 31, 2023
The PCAOB’s new rules would widen auditors’ responsibility to scrutinise whether a company is complying with laws and regulations, and to communicate more of their concerns to a company’s board of directors. The post Monday Morning Accounting News Brief: ‘Auditors Are Not Lawyers’; Big 4 Break Up?
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5 Things To Look For When Selecting Internal Auditor
Cherry Bekaert
MARCH 15, 2023
Author: Fred Nitting, Managing Director, Risk & Accounting Advisory Services Identifying the right internal auditor is a crucial business decision and professional CPA firms vary widely in terms of capabilities, resource availability, qualifications and much more. Ensure that you understand the answers they provide.
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Friday Footnotes: EY Partners Are Split on the Split; PCAOB Further Annoys Auditors; Recruiting Events Are Back! | 3.31.23
Going Concern
MARCH 31, 2023
auditors who believe their part of the firm could end up weakened by a deal. accountants and auditors last year climbed at their quickest pace in recent years, but industry observers say increasing pay alone may not be enough to remedy a national shortage of accountants. John King and Frank Mahoney, senior U.S.
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Friday Footnotes: How to Add ChatGPT to Excel; RSM Wins Awards; Auditor Independence Pitfalls | 4.7.23
Going Concern
APRIL 7, 2023
Big Four Auditors and Consultants Need Liability—And a Divorce [ Bloomberg Tax ] Part of the problem is the revolving door of personnel between the major accounting firms and the banks they purport to audit. and overseas” seeking further explanation about the auditor’s opinion. appeared first on Going Concern.
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Senator Calls Bullsh*t on Guy Claiming Heavy Regulation Is to Blame For the Auditor Shortage
Going Concern
OCTOBER 24, 2023
ASIC chairman Joe Longo told a parliamentary inquiry into the regulator on Friday that the auditing profession also had “long-term staffing challenges”, partly because being an auditor was a “high-risk” occupation because of heavy regulation of the sector. Most of these packages include superannuation. 45,000 AUD = $28,560 USD.
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Turns Out Cohen & Company Auditors Are Human After All
Going Concern
FEBRUARY 2, 2023
If you include the last time Cohen & Company auditors screwed up an audit, which was in 2017, that’s two mistakes in the last 43 audits inspected, for a deficiency rate of 4.6%. The post Turns Out Cohen & Company Auditors Are Human After All appeared first on Going Concern.
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