CPA Practice

JULY 23, 2024

“Audit firms and preparers alike emphasized that they are continuing to explore various ways of integrating GenAI-enabled tools in auditing and financial reporting.” audit regulator recently spoke to auditors who work at the U.S. Evaluating the completeness of financial statement disclosures. Scoping the audit.

auditor 109

auditor audit financial statements Legal 109

ThomsonReuters

NOVEMBER 25, 2024

← Blog home As a new presidential administration takes shape, the potential for substantial shifts in tax laws and other financial regulations is top of mind for auditors. Tax law changes can introduce new complexities and alter financial positions, requiring a reevaluation of the inherent risks and the risk of material misstatement.

auditor 52

auditor Tax audit tax planning 52

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.

auditor 97

auditor audit financial statements 97

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.”

financial statements 52

financial statements audit Technology accounting and finance 52

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. Traditional financial statement audits were never designed to detect fraud.

auditor 52

auditor audit financial statements 52

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.

auditor 69

auditor audit financial statements Legal 69

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.

auditor 145

auditor audit accounting principles financial statements 145

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.

auditor 69

auditor audit general ledger Technology 69

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.

auditor 59

auditor audit financial statements accounting firms 59

Going Concern

DECEMBER 21, 2023

Assuming no one but select audit partners actually read this crap, let’s take a look at how auditors should expect increased vigilance in 2024 so everyone can be better informed and stock up on KY. You’ve been warned, auditors. ” And God forbid you people not file a Form 3 in a timely manner or YOU WILL BE PUNISHED.

auditor 119

auditor audit financial statements 119

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.

auditor 111

auditor audit financial statements Legal 111

FraudFiles

NOVEMBER 12, 2021

Financial statement fraud impacts any person or organization that has a financial interest in the success or failure of a company. The manipulation of financial statements also affects employees. Sarbanes-Oxley required companies to make changes, and it also changed how independent auditors do their work.

financial statements 52

financial statements auditor audit 52

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. The proposal also makes explicit that financial statement fraud is a type of noncompliance with laws and regulations.

auditor 52

auditor audit financial statements 52

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 ].

auditor 64

auditor audit accounting firms financial statements 64

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.

auditor 52

auditor audit Technology financial statements 52

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.

auditor 52

auditor Technology audit financial statements 52

Going Concern

FEBRUARY 2, 2023

The firm messed up on one of its nine audits inspected, and it pertained to the financial statement audit only. 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%.

auditor 59

auditor audit financial statements accounting firms 59

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?

auditor 52

auditor audit bookkeeping forensic accounting 52

Accounting Today

SEPTEMBER 23, 2024

A proposal aimed at enhancing auditor responsibility for preparing consolidated financial statements of companies, including subsidiaries, has led to a clash between two of India's accounting regulators.

audit 116

audit auditor financial statements Account 116

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. Such suggestions are false. In response, commissioner Hester Peirce tweeted (X’d?) and Congressman Jason Smith, R-Mo.,

auditor 98

auditor accounted accountant Account 98

ThomsonReuters

DECEMBER 6, 2022

Today, ESG is resulting in significant opportunities for auditors, fueled 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. Other ESG matters may not have any material effect on the financial statements.

auditor 59

auditor accounted Account accountant 59

CPA Practice

AUGUST 28, 2024

The patent covers the application of artificial intelligence to financial statement audits. AuditFile AI enables auditors to rollforward audits seamlessly from year to year, while gracefully handling updates to pronouncements and professional standards.

auditor 105

auditor audit financial statements CPA 105

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.

auditor 52

auditor audit financial statements accounting system 52

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.

auditor 52

auditor audit financial statements accounting and finance 52

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. In the letter, Revolut requested changes to Reuters’ article on the financial statements, which the news agency declined to make.

auditor 105

auditor chartered accountant audit accounting and finance 105

Going Concern

MARCH 24, 2023

EY, KPMG and the fallout of two accounting scandals [ Financial Times Opinion ] It is not just shareholders that have become ever more cautious in the wake of one of Europe’s largest accounting scandals. Auditors have done so too. Auditors Are Demanding Concessions in Split [ Wall Street Journal ] Ernst & Young’s renegade U.S.

auditor 105

auditor Entertainment audit Real Estate 105

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.

auditor 52

auditor audit Kentucky Kansas 52

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.

auditor 98

auditor audit financial statements Government 98

Going Concern

AUGUST 12, 2022

Hold Auditors Accountable for Complicity in Corporate Fraud [ Bloomberg Tax ] Unfortunately, since the fall of Arthur Anderson in the wake of the Enron scandal, the SEC and PCAOB have often failed to go after auditors playing fast and loose with the rules. Here’s how recruiters and career experts recommend that you proceed.

auditor 98

auditor accounted accountant Account 98

CPA Practice

NOVEMBER 7, 2024

Proposal 2025 Auditor Reporting in Specified Circumstances Consider updates to AS 3105, Departures from Unqualified Opinions and Other Reporting Circumstances , and other interim standards in the AS 3300 series.

auditor 104

auditor audit financial statements Government 104

FraudFiles

JUNE 6, 2022

The firm that audits a company’s financial statements is very important. Audited statements are used by shareholders, lenders, and other interested parties to make decisions about the company and its future. When companies change auditors, it can signal a few different things.

auditor 52

auditor audit financial statements 52

CPA Practice

NOVEMBER 5, 2024

They did this to avoid missing Lovesac’s projected gross margin—an important financial metric that the company disclosed in its SEC filings and on conference calls that are open to investors where the company discusses financial and other issues … and to avoid restating the company’s prior financial filings for the affected periods.”

general ledger 98

general ledger auditor Connecticut accounting principles 98

Going Concern

JUNE 29, 2022

With the EY cheating scandal making headlines even outside of our precious little accountosphere we decided to take a look at the full SEC order to answer the question — how and why were EY auditors cheating on CPE exams? The long and short of it is, EY auditors trying to shortcut CPE took advantage of a software exploit.

auditor 116

auditor audit CPA accounting principles 116

Going Concern

OCTOBER 14, 2022

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. The post Friday Footnotes: Big 4 Nixes Legal Practices; EY Looks the Other Way; Auditors Get Lectured Again | 10.14.22 appeared first on Going Concern.

auditor 98

auditor Legal audit South Carolina 98

CPA Practice

FEBRUARY 17, 2023

As part of the Checkpoint Engage family of products, Checkpoint Engage Single Audit provides auditors a seamless experience for financial statement audits of local governments, nonprofits, school districts, and HUD engagements, along with a host of other Thomson Reuters Cloud Audit Suite industry titles and applications.

auditor 52

auditor audit accounting firms financial statements 52

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.

audit 102

audit auditor accounts payable financial statements 102

Going Concern

JUNE 28, 2022

The SEC has fined EY a record $100 million after an investigation revealed auditors at EY were cheating on ethics exams (open book ethics exams we presume) and CPE; worse than cheating alone, they actively tried to cover it up and hide the cheating from the SEC. Well this is bad.

auditor 98

auditor audit CPA accounting principles 98