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

JANUARY 8, 2024

Refresher: Municipalities across the US are at risk of having their credit ratings downgraded or withdrawn by S&P Global Ratings because staffing shortages have delayed financial disclosure documents. The firm works with the local governments to compile information for the audit throughout the year.

Wyoming 126

Wyoming audit Government Montana 126

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

Cherry Bekaert

MAY 9, 2024

For many architecture and engineering (A&E) firms, overhead rate audits are a critical aspect of financial management since they can be a great way for firms to recoup incurred costs necessary to run their business from the government. A: An independent third-party auditor typically conducts an overhead rate audit.

audit 115

audit auditor Transportation Government 115

Going Concern

JANUARY 9, 2025

Restatements of financial statements and management reports on internal control over financial reporting (ICFR) that were audited by the firm over the past three years. See also Project on Government Oversight’s 2019 banger “ How an Agency You’ve Never Heard of Is Leaving the Economy at Risk.”

audit 124

audit auditor Education accounting firms 124

ThomsonReuters

DECEMBER 6, 2022

The spotlight on environmental, social, and governance (ESG) continues to intensify as businesses are increasingly being called upon to disclose more about their ESG performance and strategies. Risks and opportunities related to ESG matters may have an unfavorable, favorable, or neutral effect on financial statements.

auditor 59

auditor Account accountant accounted 59

TaxConnex

JULY 6, 2023

Government Accountability Office’s “Remote Sales Tax: Federal Legislation Could Resolve Some Uncertainties and Improve Overall System,” issued late last year. A customer undergoing their own audit might reveal one of your invoices, with the auditor possibly contacting you for a certificate of exemption or other documents.

auditor 130

auditor audit Sales Tax 130

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. 2023 saw an unprecedented 5.5

audit 115

audit Sales Tax auditor 115

Going Concern

JANUARY 3, 2025

Check out Accountingfly’s top remote accounting candidates of the week and sign up for Always-On Recruiting to get a new batch of accountants and auditors for hire in your inbox every week — free! But in recent months, local governments have been waiting longer and paying more for required financial statements.

auditor 98

auditor audit Rhode Island cpa firm 98

CPA Practice

SEPTEMBER 12, 2024

Accountants, comptrollers, auditors and investigators cannot review every movement of every penny across thousands of transactions and countless accounts. The Government Accountability Office reported that confirmed government fraud totaled $4.5 As a result, fraudsters can get away with even the simplest schemes.

forensic accounting 125

forensic accounting Account accountant accounted 125

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. “Whose statements are these? EY says that wasn’t their job.

audit 105

audit auditor Legal Transportation 105

PYMNTS

JANUARY 2, 2020

Several high-profile corporate collapses and initiatives from corporate accounting standard-setters have raised questions about businesses’ use of supply chain finance and whether the trade finance tool prevents investors and auditors from gaining a transparent view into company finances.

auditor 52

auditor accounting and finance audit Finance 52

ThomsonReuters

JUNE 28, 2023

When you look at ESG through the lens of a tax and accounting firm, reporting on environmental, social, and governance factors is enabled by data. The ability to report on environmental, social, and governance factors is enabled by data. What are the challenges of ESG data collection? Help your clients develop measurable ESG targets.

Tax 98

Tax auditor audit Technology 98

Going Concern

MARCH 17, 2023

creating general ledgers, organizing financial statements, and handling pricing and invoicing. The rival operatives, who spoke on condition of anonymity, say the leaks scandal gave the Greens and the Labor government an excuse to scrutinise their public sector work yet again. The rule would make the U.S.

Government 97

Government Gambling audit CPA 97

CPA Practice

JULY 23, 2024

The proposed ASU is expected to (1) reduce the cost and complexity of evaluating whether these contracts are derivatives, (2) better portray the economics of those contracts in the financial statements, and (3) reduce diversity in practice resulting from changing interpretations of the existing guidance,” the FASB said.

Account 122

Account accountant accounted accounting principles 122

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.

CPA 105

CPA auditor Tax audit 105

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

Going Concern

DECEMBER 11, 2023

In new research, Matthias Breuer, Anthony Le, and Felix Vetter find that when companies are required by the government to seek a third-party financial audit, they turn to lower quality auditors. At first sight, this result appears puzzling as it seems to suggest that more auditors can be attracted with lower wages.

auditor 105

auditor Account accountant accounted 105

CPA Practice

FEBRUARY 17, 2023

Checkpoint Engage Single Audit streamlines the error-prone single audit process with step-by-step in product guidance, enabling accounting professionals to comply with both their professional standards and government requirements, while confidently and efficiently performing these audits.

auditor 52

auditor audit accounting firms financial statements 52

Going Concern

SEPTEMBER 29, 2023

75% of companies unprepared for coming ESG audits: KPMG [ CFO Dive ] Three out of four companies worldwide are unprepared for regulations coming into force next year requiring outside audits of environmental, social and governance policies, KPMG said. Still, the results give offshore bondholders something to chew on.

auditor 111

auditor audit New York CPA 111

CPA Practice

APRIL 29, 2024

Calling all public company executives, board members, auditors, financial analysts, and investors: The Public Company Accounting Oversight Board’s Investor Advisory Group (IAG) needs a favor. KAMs are selected from matters communicated with those charged with governance.

auditor 64

auditor audit financial statements Government 64

Going Concern

MAY 26, 2023

PwC to remove staff involved in Australia tax leak scandal from govt work [ Reuters ] PricewaterhouseCoopers (PwC) has agreed to remove staff with links to the leak and use of confidential Australian tax plans from government work, a senior government official told an inquiry on Thursday. Big four consultancies win $1.4

public accounting 104

public accounting Account accountant accounted 104

Going Concern

JULY 17, 2024

In the King’s Speech today, King Charles says (timestamped below) “bills will be brought forward to strengthen audit and corporate governance” in the UK. What this means is that the Financial Reporting Council (FRC) will be replaced with the Audit, Reporting and Governance Authority (ARGA).

audit 64

audit auditor institute of chartered accountants Government 64

Going Concern

AUGUST 29, 2024

Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

Real Estate 105

Real Estate Account accountant accounted 105

Going Concern

FEBRUARY 27, 2023

. “IRS tech is so ‘archaic’ the agency struggles to find people to work it” from The Washington Post : The Internal Revenue Service, which funds nearly everything the federal government does, uses information technology that is creaking with old age. From FloQast : Six in ten (63%) U.K.

Technology 105

Technology Account accountant accounted 105

Going Concern

JULY 25, 2024

Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

Real Estate 105

Real Estate Account accountant accounted 105

Cherry Bekaert

JUNE 27, 2024

In Part 1 of our series on Contractor Business Systems, we explore the requirements for a government-approved adequate accounting system as outlined in DFARS 252.242-7006 and required by Federal Acquisition Regulation (FAR) 16.301-3 in the award of a cost-reimbursable type contract. What Are the Requirements for an Adequate Accounting System?

accounting system 52

accounting system Government audit Account 52

Going Concern

SEPTEMBER 29, 2022

Add to that the issue of baby boomer retirements and an entire class of auditors who were trained by Zoom at the beginning of the pandemic now reaching the point where they are expected to train associates below them despite they themselves still struggling and…well. Or they are now, anyway. Big Four or employees of those firms.

auditor 59

auditor audit accounting and finance accounting firms 59

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.

audit 100

audit auditor New York Legal 100

Going Concern

APRIL 29, 2022

Less work for EY auditors? What about more accountability [ Financial Times ] “Quality before growth, quality before margin.” 2022 Impact Plan today outlining environmental, social, and governance (ESG) strategies and commitments across four pillars: People, Planet, Prosperity, and Principles of Governance.

auditor 52

auditor audit Account accountant 52

Going Concern

FEBRUARY 10, 2023

Audit Americanas’ $4 Billion Accounting Scandal Puts More Scrutiny on PwC’s Auditing Record [ Bloomberg ] A $4 billion accounting shortfall would typically raise alarm bells for an auditor. We have seen an immense commitment from the government to invest in the metaverse and explore the technology’s public utility.

Florida 105

Florida Tax North Dakota Account 105

Acterys

SEPTEMBER 25, 2024

Validate your governance policies, too. Create Compelling Presentations with Smart Data Visualizations BP&F outputs should be accessible to people across all departments, not just those with a deep financial background. They offer auditors a comprehensive view of the company’s financial journey.

audit 130

audit accounting and finance auditor Technology 130

PYMNTS

JUNE 11, 2020

That means significant implications for the ways accountants and auditors operate both within an enterprise and externally from it. The key drivers of that transformation include technology, as well as a heightened need for auditors, accountants and their clients to foster a collaborative ecosystem, he said. An Optimistic Outlook.

corporate accounting 77

corporate accounting auditor Account accountant 77

Going Concern

JANUARY 6, 2023

For 2021 inspections, six audits had problems in both internal control over financial reporting and in the financial statement, nine had deficiencies in the financial statement only, and one ICFR audit wasn ’t up to snuff. As a result, BDO followed its 54.2% The most common Part I.A according to the PCAOB.

audit 98

audit Real Estate financial statements auditor 98

Going Concern

NOVEMBER 8, 2024

Municipal Messes Delayed audit finds ‘material weaknesses’ in Elton’s finances and procedures [ KPLC (Louisiana)] The town agreed to address such deficiencies including timely adopting an operating budget, hiring someone qualified to prepare financial statements, and submitting required paperwork to the Legislative Auditor’s Office by the due date.

Florida 98

Florida Mississippi audit auditor 98

Withum

JULY 12, 2023

Whatever the case may be, you may need an audit of your financial statements. If you have been tasked to communicate with the auditors, you are aware of the many emails, phone calls, and documents that flow back and forth from the beginning to the end of the audit. Who are those charged with governance?

audit 52

audit auditor Real Estate financial statements 52

Going Concern

SEPTEMBER 22, 2023

economy, including employment, labor income, and tax contributions to federal, state, and local governments. “The PCAOB’s annual forum enables us to connect directly with auditors of small businesses and broker-dealers about their critical role in protecting investors. Williams said in a news release.

audit 109

audit accounting and finance Virginia auditor 109