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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Going Concern

JULY 31, 2023

Related: PwC settled ‘false LPP’ penalties days before bid to suppress emails [ Australian Financial Review ]: The Tax Office signed a confidential settlement with PwC in March involving the firm’s false claims for legal professional privilege over 150 documents related to tax advice to a multinational client.

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Withum

MAY 9, 2024

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. In its simplest form, auditors provide an opinion on an organization’s financial statements. Ethics is not a buzzword.

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ThomsonReuters

MAY 16, 2024

The Public Company Accounting Oversight Board (PCAOB) has recently adopted a significant new auditing standard, AS 1000, titled “ General Responsibilities of the Auditor in Conducting an Audit.” AS 1000 updates key auditor responsibilities, emphasizing their role in protecting investor interests with independent reports.

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Withum

DECEMBER 19, 2023

As these companies gain traction and seek external investments, audited financial statements play a crucial role in instilling trust among stakeholders, investors, and potential partners. 10 Key Steps Here are the key steps startup e-commerce companies can take to prepare for their audited financial statements.

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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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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. Audit Suite allows auditors to centralize and streamline their process. More information on Trullion Audit Suite can be found here.

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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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CPA Practice

SEPTEMBER 5, 2024

Another operational trigger may include businesses with significant or rapidly growing revenue, as they have a higher potential for tax calculation errors and typically engage in more complex financial practices such as international sales transactions. The commerce landscape has drastically changed in the last few decades.

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Going Concern

JULY 30, 2024

This, says KPMG US Vice Chair of Audit Scott Flynn, will empower the firm’s 9,000 auditors to deliver quality audits. For example, new generative AI capabilities will help teams: Refine risk assessments: AI assistants can review documents to help engagement teams identify risk factors.

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Airbase

JANUARY 31, 2023

The lead-up: Choosing auditors and timing. The audit probably took about 25% of my time personally — maybe even more once the auditors arrived.” What types of auditors are there, and how do you choose one? How do you decide what auditor to choose? KELLY: “The auditors will ask about processes and controls.

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Withum

SEPTEMBER 8, 2022

Audited financial statements are a cornerstone of the financial markets. Tonight I will conduct my second Auditing class session of this semester at Fairleigh Dickinson University, and I will be teaching what the auditor’s opinion means and what auditors do to arrive at their opinion.

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CPA Practice

JULY 9, 2023

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. AuditFile is the only complete, cloud-based, all-in-one engagement automation platform for public accounting professionals and internal auditors.

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Shay CPA

AUGUST 23, 2023

” However, when it comes to financial statement audits, the timing isn’t quite as forgiving as planting trees. Understanding the dynamics of your financial health is crucial for early-stage tech companies. One such decision is when to conduct a financial statement audit. The second-best time is now.”

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FraudFiles

JANUARY 4, 2021

Even with all the publicity surrounding the issue of financial fraud in the last twenty 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. Nothing could be further from the truth.

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TaxConnex

JULY 6, 2023

Speaking of the business cost beyond the taxman, non-compliance can compromise your company’s financial statement – and potentially doom future M&As and capital venture arrangements. An audit of one of your suppliers could also turn up one of your exemption certificates for something the auditor may think is taxable.

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FraudFiles

SEPTEMBER 20, 2021

Simply because there is a fraud, a business failure, or a pyramid scheme collapse, the auditors are not necessarily at fault. The auditors may have carried out their professional responsibilities exactly as they should have, but they still did not uncover the fraud. How does a fraud go undetected by auditors?

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FraudFiles

DECEMBER 28, 2020

Often, the blame is cast in the direction of the auditors. The auditors are an easy target. Not only do they usually have professional liability insurance policies to fall back on, the auditors initially seem like the logical culprit. The mistake management makes is in believing that a financial statement audit will find fraud.

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Cherry Bekaert

MAY 9, 2024

By providing accuracy and remaining compliant, A&E firms can demonstrate their commitment to financial management and reporting, attracting new clients who value these qualities. A: An independent third-party auditor typically conducts an overhead rate audit. Q: Who conducts an overhead rate audit?

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ThomsonReuters

MAY 2, 2023

Specifically, we’ll look at the need for auditors to maintain professional skepticism and document their work thoroughly to improve audit effectiveness and efficiency. Revised audit documentation requirements Among the new provisions in SAS 145 is the revision of the audit documentation requirements.

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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. The firm said the alleged fraud “involved the falsification and concealment of accounting records and other documents”.

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CPA Practice

OCTOBER 23, 2024

Webinar : This webinar, led by expert staff in the PCAOB’s Office of the Chief Auditor, provides an overview of QC 1000 requirements and is designed to help auditors prepare for the standard’s implementation. 1, A Firm’s System of Quality Management , adopted by the AICPA.

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CPA Practice

AUGUST 15, 2023

Snodgrass —failed to obtain audit committee pre-approval in connection with providing audit and/or non-audit services to issuer audit clients, in violation of PCAOB Rule 3520, Auditor Independence , and for two of the three firms (BPM and Plante Moran) PCAOB Rule 3524, Audit Committee Pre-Approval of Certain Tax Services.

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CPA Practice

SEPTEMBER 12, 2024

For decades, criminals have been exploiting the massive volume and complexity of financial data to steal and hide money. Accountants, comptrollers, auditors and investigators cannot review every movement of every penny across thousands of transactions and countless accounts. Fraud thrives on obfuscation. AI reduces that burden.

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Going Concern

OCTOBER 11, 2022

bank customers — find it difficult to trust auditors when those auditors have been associated with a failed bank. His new article, “The Role of Audit Firms in Spreading Depositor Contagion,” argues that depositors perceive bank failure as an audit failure, which reduces their assessment of auditor credibility.

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Going Concern

DECEMBER 8, 2022

Wrote FT last month: The main stumbling block in setting dates for ballots is finalising the so-called global framework agreement, the legal document covering details of how assets, liabilities and people will be split between the businesses.

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CPA Practice

APRIL 19, 2023

When FTX learned in 2020 that in order to be listed on NASDAQ, the company would need to have its policies and procedures audited, senior management allegedly scrambled to fraudulently make up policies that could be shown to auditors within just 24 hours. Don’t use just any accounting system. To be clear, such is NOT life.

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CPA Practice

NOVEMBER 11, 2024

Audit Intelligence Analyze is an AI for risk analysis that automates transaction analysis and enhances audit quality by focusing on high-risk areas while saving 30-120 minutes documenting sample selections. Materia : Analyzes client documents and understands the guidance. TeamMate could be a replacement for DataSnipper. Mangodoc.ai

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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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Going Concern

SEPTEMBER 25, 2023

In that capacity, Urban was responsible for maintaining the company’s general ledger, preparing financial statements, and reconciling the company’s accounts payable and receivable and bank statements.

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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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Going Concern

AUGUST 17, 2023

LLP, its CEO Nigel Bostock, and senior auditor Matthew Stallabrass for the firm’s deficient audit of music streaming company Akazoo Limited. Cue the public exclaiming “where were the auditors!?” issued a clean audit report of Akazoo’s 2018 financial statements. A couple days ago the SEC charged Crowe U.K.

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MineralTree

NOVEMBER 2, 2023

It legitimizes your business, demonstrates that you have controls in place to reduce fraud and error, and assures stakeholders that your financial statements are reliable. Compliance Even if every transaction is present, auditors must assess whether each transaction is accurate. What Do You Audit in Accounts Payable?

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PYMNTS

FEBRUARY 7, 2019

USA Technologies’ shares lost roughly 45 percent of their value on Thursday in intraday trading after an SEC filing by the firm revealed that RSM US LLP, the firm’s auditor, resigned over concerns tied to financial reporting by the company. At least some of the company’s previous financial statements are unreliable, said RSM.

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Snyder

DECEMBER 28, 2022

Meeting a tax auditor is as frightening as meeting a ghost. It’s performed by the IRS tax auditors, whose job is to verify that the financial information you reported to the tax agency was correct. If your audit is to be conducted by mail, the auditor will request a list of necessary documents. Let’s dive in!

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Withum

JANUARY 24, 2023

Although an independent financial statement audit may not gain the day-to-day attention of management the same way as growing revenue or projecting cash flows; for many, there will come a time when an audit becomes a vital part of the company’s lifecycle. Auditors can only work as quickly as the requested information is provided.

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Going Concern

NOVEMBER 14, 2023

The PCAOB today announced settled disciplinary orders sanctioning Greece-based PricewaterhouseCoopers Auditing Company SA (PwC Greece) and its partner Nicos George Komodromos for violations of PCAOB rules and standards in connection with the audit of the 2016 financial statements of Aegean Marine Petroleum Network Inc.

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