CPA Practice

JANUARY 17, 2023

Rather than being constrained towards a single country, accounting credentials such as Certified Public Accountant (CPA), Enrolled Agent (EA) and Certified Management Accounting (CMA) are quickly turning into global designations. . This has facilitated a rapid growth in interest shown for such accounting qualifications.

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CPA Practice

JULY 23, 2024

Investors, accounting firms, and other stakeholders have until Oct. 21 to provide comments on a new proposed Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB) on Tuesday that aims to clarify rules on derivative accounting.

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PYMNTS

DECEMBER 4, 2020

Auditors being investigated include Andreas Loetscher, an EY veteran for 20 years who is now the managing director at Deutsche Bank. Martin Dahmen, who took over as the chief auditor of Wirecard from Loetscher, is also being investigated. EY has been approving Wirecard’s financial accounts for over 10 years.

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Going Concern

MARCH 29, 2023

The researchers say that focusing only on the relationship between senior executive incentives and financial reporting is a mistake because it’s the low level “subordinates” (e.g., These include making a correcting adjustment, reducing the magnitude of the misstatement (e.g.,

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Going Concern

DECEMBER 22, 2023

Audit At PwC, it’s the revenge of the auditors [ Australian Financial Review ] For decades, Sue Horlin watched her PwC consulting colleagues bring in the prestige clients, high-profile assignments and the big fees. Burned Investors Ask ‘Where Were the Auditors?’ Documents related to the Senate inquiry were released Friday.

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PYMNTS

JANUARY 2, 2020

The head of business futures at the Association of Chartered Certified Accountants, Narayanan Vaidyanathan, said the new technology will permanently change how the industry works. “Many of the routine jobs will go as areas such as invoice processing are automated. The new rules will also shorten the “look-back” period that U.S.

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Going Concern

MAY 12, 2023

China’s Shift Away From Big Four Auditors Has EY Most Exposed [ Bloomberg ] Among the four biggest global accounting firms, Ernst & Young is likely to be the most exposed to Beijing’s crackdown on US-linked auditors, as it stands to lose about a 10th of its China revenue. 1, 2024, the Financial Accounting Foundation said.

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Going Concern

MARCH 8, 2024

Audit SEC Settlement Against Auditing Firm Serves as Reminder of Important Independence Rules [ JD Supra ] On February 29, the Securities and Exchange Commission (the SEC) announced that it settled an administrative proceeding against Lordstown Motors Corps’ former auditor, Clark Schaefer Hackett and Co.

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CPA Practice

APRIL 11, 2023

Brian Yujuico has been named vice president and senior chief auditor at AuditClub, the Audit Service Center and creator of the innovative auditors-as-a-service model. In this newly created role, Yujuico, a Certified Public Accountant, will oversee day-to-day activities of the growing team of chief auditors, crew and cadets.

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Anders CPA

JULY 6, 2022

One of those being the accounting involved in combining businesses. To help simplify purchase accounting for business combinations involving private companies, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-18 back in December 2014.

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CPA Practice

OCTOBER 4, 2023

The Financial Accounting Standards Board ( FASB ) will host a public roundtable on its July 2023 proposed Accounting Standards Update (ASU), Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.

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Going Concern

FEBRUARY 13, 2025

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Accountingfly can assist you!

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CPA Practice

APRIL 11, 2023

The Financial Accounting Standards Board ( FASB ) will host a fireside chat on Tuesday, April 11, 2023, from approximately 1:00 – 1:30 p.m. and former SEC chief accountant. EDT, with Rich Jones, FASB Chair and Wes Bricker, PwC – Vice Chair US/Mexico Trust Solutions Co-Leader, current chair for XBRL International Inc.,

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Going Concern

JULY 1, 2022

Marking a Half-Century of Capital Markets Integrity [ Barron’s ] Former chair of the Financial Industry Regulatory Authority and trustee and chair of the Financial Accounting Foundation John J. GAAP, or generally accepted accounting principles. Brennan writes: The bedrock of that reporting regime is U.S.

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CPA Practice

AUGUST 1, 2023

The Financial Accounting Standards Board ( FASB ) has published a proposed Accounting Standards Update (ASU) intended to provide investors with more decision-useful information about a public business entity’s expenses. Stakeholders are encouraged to review and provide comment on the proposal by October 30, 2023.

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Going Concern

SEPTEMBER 15, 2023

Audit Comments Raise Concerns About PCAOB’s Proposal To Expand the Scope of Audits and the Role of Auditors [ JD Supra ] In June 2023, the Public Company Accounting Oversight Board (PCAOB) proposed sweeping amendments to its auditing standards. Comment letters raise serious questions about the consequences of the proposed changes.

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inDinero Accounting

JUNE 29, 2023

Along this journey, influential organizations such as FASB and International Accounting Standards Board have played a major role in establishing and maintaining GAAP standards across different jurisdictions and industries worldwide. Additional resources are required in order to ensure that all financial reports comply with GAAP principles.

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CPA Practice

OCTOBER 20, 2023

Organizations are increasingly required to adopt sustainability at the heart of their business practices and strategies, which calls for a broader set of financial accounting skills focused on environmental, social and governance (ESG) reporting. What is sustainable finance?

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CPA Practice

OCTOBER 19, 2023

Organizations are increasingly required to adopt sustainability at the heart of their business practices and strategies, which calls for a broader set of financial accounting skills focused on environmental, social and governance (ESG) reporting. What is sustainable finance?

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Accounting Insight

AUGUST 8, 2023

According to the latest report by the Association of Certified Fraud Examiners (ACFE), Occupational Fraud 2022, accounting fraud is the type of business fraud that causes the highest losses to companies. Internal auditors discover 16% and external auditing 4% of cases. Inadequate auditors 20. No audit committee 19.

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Going Concern

APRIL 15, 2022

Accounting watchdog investigates Deloitte over Go-Ahead audits [ The Guardian ] One of the UK’s biggest accounting firms, Deloitte, is under investigation by regulators for its audits of Go-Ahead, after the bus and rail operator was embroiled in a scandal for wrongly withholding £50m of taxpayers’ money. As a result, U.S.-based

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Going Concern

JANUARY 25, 2023

When Thomson Reuters reported late last year that the Financial Accounting Standards Board (FASB) had proposed an eighth round of changes to lease accounting rules 1 , accounting and finance execs around the country channeled their inner Charlie Browns with a collective, “Good grief!”

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PYMNTS

JANUARY 25, 2019

Earlier this month, the company said there have been issues with supplier payments being made in a timely manner, and has been the subject of investigations into a 40-million pound “black hole” tied to its financial accounts.

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inDinero Accounting

MAY 5, 2021

Do you know what tips off PPP auditors and investigators to potential fraud? Auditors will need to see more information if a review of your business activity or liquidity assessment brings up red flags in the following areas: Permanent closure of your business. Business performance test.

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Withum

SEPTEMBER 7, 2023

Auditors and Accountants will finally have clear guidance on the treatment of digital assets. The Financial Accounting Standards Board (“FASB”) approved an Accounting Standards Update (“ASU”) that was initially released by the FASB as a draft in March 2023 in relation to Digital Assets.

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Going Concern

AUGUST 14, 2023

Indeed, regulators have historically taken the approach of where there is one, there are many —whether it is financial services firms, technology companies, or now audit firms, once one major breach of misconduct occurs, regulators take a closer look at the industry at large to understand how deep and wide an issue may be.

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Going Concern

MARCH 25, 2022

Many firms turn to third-party service providers to send and receive electronic audit confirmations to and from “confirming parties,” including banks, financial institutions, investment and brokerage firms, and law firms. In some cases, auditing firms may be relying too heavily on such outside companies. PCAOB Spotlight PDF here.

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PYMNTS

JANUARY 30, 2020

New lease accounting standards are in effect for publicly traded companies in the U.S. after the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) introduced changes to the way businesses account for their outstanding leases. ” Unanticipated Consequences.

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inDinero Accounting

JULY 8, 2021

After securing a bank account, you can expect routine, multi-tier audits that will review your bookwork, metrics, and compliance. You’ll need efficient and astute accountants, which aren’t abundant in cannabis — many auditors find shoddy work that barely passes for bookkeeping when examined.

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ThomsonReuters

JANUARY 18, 2024

In general, an accountant’s job description includes common accounting tasks such as: Performing risk analysis evaluations. Recording expenses and preparing financial reports. Working with external auditors. Ensuring the accuracy of bookkeeping and that the bookkeeping is compliant with state and federal laws.

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CPA Practice

MAY 24, 2024

Now, again, I always turn to co host Brian on this stuff, because he introduces himself as a recovering auditor in many of our conversations, because he’d done both internal and external auditing. So the other area where we saw significant variation between models was audit and financial accounting, and reporting.

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Going Concern

MAY 27, 2022

Splitting auditing and consulting: EY auditors fear a pay cut [ eFinancialCareers ] Many auditors also aspire to move out of audit and into jobs in the more lucrative consulting arms. It’s turned out to be more complicated than that, members of the Financial Accounting Standards Board said Wednesday.

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Going Concern

OCTOBER 21, 2024

Financial reporting data has become extremely structured and repeatable across all enterprises because it’s guided by the standards set out through generally accepted accounting principles (GAAP), which are governed by the Financial Accounting Standards Board (FASB). Everybody measures the same things, in the same way.

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Accounting Insight

JANUARY 7, 2025

Cloud-based LeaseJava enables audit firms, corporations and non-profit/government entities to manage their leases and ensure compliance with accounting standards such as ASC 842, IFRS 16 and GASB 87. Export functionality is configurable, allowing the user to select and group leases accurately.

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Going Concern

OCTOBER 1, 2022

At trial, Vatican auditor says he was shocked by misuse of funds [ Catholic News Service ]. The Vatican auditor general said he was surprised by the lack of ethical standards demonstrated by officials considering investment opportunities, including a failed London property development deal.

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Going Concern

MARCH 22, 2024

Day Named Technical Director of the Financial Accounting Standards Board [ FASB ] The Financial Accounting Standards Board (FASB) on March 20 announced the appointment of Jackson M. What Role Should Auditors Play in Corporate Compliance? Movers and Shakers Jackson M.

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Going Concern

MARCH 4, 2022

Meanwhile on Twitter, our friend Sam Antar is still roasting the KPMG auditors (well, technically Peat Marwick) who let the Crazy Eddie fraud slip through their horny little fingers: Two hookers and an auditor. Antar (@SamAntar) March 4, 2022. Decades of Neglect Leave I.R.S.

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