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. Next up, culture. They snag a decent fish every now and then, sure. Anyway, firm culture.

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auditor audit financial statements 119

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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auditor audit accounting principles financial statements 145

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.

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auditor audit financial statements 52

CPA Practice

JUNE 27, 2023

A rules proposal issued by the Public Company Accounting Oversight Board (PCAOB) on June 26 addresses aspects of designing and performing audit procedures that involve technology-assisted analysis of information contained in electronic format.

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auditor Technology audit financial statements 52

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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auditor audit Technology financial statements 52

CPA Practice

NOVEMBER 7, 2024

Proposal 2025 Firm and Engagement Metrics Enhance information provided to investors, audit committees, and other stakeholders at both the firm and engagement level. Adoption 2025 Inventory Consider updates to AS 2510, Auditing Inventories , in connection with the Interim Standards project to reflect changes in the auditing environment.

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auditor audit financial statements Government 104

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%. and in the world.

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auditor audit financial statements accounting firms 59

Going Concern

JANUARY 20, 2023

PwC and Deloitte were the final two firms in HSBC’s marathon tendering process that effectively began when the bank informally contacted accounting firms in 2021, according to people familiar with the process. The HSBC audit is by a distance the most expensive on the London Stock Exchange ahead of those at Barclays and Shell.

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auditor Technology audit financial statements 98

Going Concern

JULY 31, 2023

Market concentration in the consultancy industry came to a head this year after it was revealed PwC partners had misused information by passing on confidential Federal Government information to clients, sparking the sale of its consulting business to Allegro Funds to $1. Such suggestions are false.

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auditor accountant Account accounted 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.

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auditor accountant Account accounted 59

CPA Practice

NOVEMBER 5, 2024

The scheme included Dellomo’s submission of a “false and misleading” management representation letter to Lovesac’s outside auditor, according to the lawsuit. The accounting problems came to light in April 2023, when Lovesac’s finance team found that approximately $2.2 Meanwhile, Lovesac continues to expand its reach.

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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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auditor audit financial statements Government 98

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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audit auditor accounts payable financial statements 102

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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CPA Practice

NOVEMBER 14, 2024

The Financial Accounting Standards Board (FASB) is calling on academics, accountants, auditors, lenders, financial statement preparers, and other stakeholders to provide their views on financial key performance indicators (KPIs). The FASB on Nov.

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financial statements auditor accounting standards financial accounting 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.

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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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auditor audit financial statements accounting and finance 52

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.

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CPA Practice

MAY 2, 2023

There is a brand-new section that debuted today in PCAOB inspection reports of audit firms, and it is devoted to auditor independence. “We These enhancements will provide relevant information that investors have asked for and support improvements in overall audit quality.”

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audit auditor financial statements 111

CPA Practice

FEBRUARY 17, 2023

Users enter their client’s federal award information and expenditures and answer a few questions, then the application performs complex calculations to determine which awards must be audited. A compliance audit program is then prepared, containing the procedures that must be performed.

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auditor audit accounting firms financial statements 52

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.

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Going Concern

APRIL 22, 2024

Those of us who’ve worked or even simply seen behind the curtain of audit know the things he points out to be true — assurance is reasonable not absolute , financial statements are the responsibility of management not auditors, “finding fraud” is not the ultimate goal of audits — but do investors?

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audit auditor financial statements Education 119

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. Hodgman, Associate Director of the SEC’s Enforcement Division.

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auditor audit CPA accounting principles 98

CPA Practice

FEBRUARY 23, 2024

Auditors are poised to become crucial facilitators in the accounting and finance function’s adoption of AI and large language models (LLMs). Auditors are the Keystone for AI Integration The successful integration of AI has one essential requirement—a nuanced understanding of the model’s data origins and its interpretations.

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audit auditor accounting and finance Technology 114

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. More information on how to submit your favorite CAMs and KAMs can be found here.

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auditor audit financial statements Government 64

CPA Practice

SEPTEMBER 5, 2024

Business owners and finance teams equipped with information on potential audit triggers can approach the process with greater confidence, viewing it as a manageable annoyance, rather than a daunting burden. However, knowledge is power. Though close attention to detail in the reporting process may seem tedious, it doesn’t have to be.

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CPA Practice

SEPTEMBER 10, 2024

institutional investors, gauged the use of CAMs in the investment decision-making process, the level of training or information investors received related to CAMs, investor satisfaction with CAMs, and how CAMs could be improved. The CAQ’s third quarter survey, which was conducted online from July 9 to 22 among 100 U.S.

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audit auditor financial statements Maine 52

Anders CPA

OCTOBER 14, 2024

Maintaining robust internal controls in your 401(k) plan is essential not only for compliance but for ensuring the accuracy of financial statements for your audit. From an auditor’s perspective, these controls provide a solid foundation of trust, allowing the audit process to be more efficient and less costly.

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audit CPA auditor payroll 52

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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CPA Practice

JUNE 13, 2024

The Public Company Accounting Oversight Board (PCAOB) on June 12 is seeking to replace an outdated auditing standard on substantive analytical procedures, used by auditors to compare an amount recorded by the client to an amount expected by the auditor to determine whether there’s a misstatement.

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audit auditor financial statements Legal 59

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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CPA auditor Tax audit 105

Going Concern

DECEMBER 10, 2022

But with a year of remote inspections under their belt, the PCAOB hinted that inspectors were picking nits more during the 2021 inspection cycle, which probably wasn’t good news to firms that are already understaffed and auditors who are already overworked—a recipe for disaster (hence all the mistakes inspectors found). In Part I.B

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audit auditor financial statements Maine 121

Going Concern

SEPTEMBER 29, 2022

” Sweeps enable the PCAOB to get “additional information from a number of firms at the same time on areas where we suspect that violations may be occurring,” she said. The post Warning to Auditors: The PCAOB Is Coming For Dat Ass appeared first on Going Concern. They do, however, fine the s**t out of firms.

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auditor audit accounting and finance accounting firms 59

SMBAccountant

JULY 14, 2020

One of the most common errors made by executives in a small startup is assuming that the reporting basis for accurate financial statements can be changed by clicking the single button at the top of the QuickBooks report. The issue is that auditors don’t arrive only after the fiscal year has been closed.

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CPA Practice

JUNE 6, 2024

The practice aid is regularly updated to keep accounting professionals and audit practitioners informed of rapidly evolving developments in the digital assets field. The AICPA said practitioners who prepare financial statements and auditors with a fundamental knowledge of blockchain technology will find the guidance most useful.

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audit auditor financial statements Account 64

CPA Practice

SEPTEMBER 17, 2024

Prager Metis also settled separate charges that it violated SEC auditor independence rules. Gurbir Grewal “Effective investor protection requires a collaborative approach that includes both regulators and gatekeepers, such as auditors. In addition, the firm agreed to be censured. The Engagement Partner was undeterred by these concerns.

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audit auditor cpas financial statements 59

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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