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.

audit 114

audit auditor accounting and finance Technology 114

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 auditor 52

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. The administrators say that $1.5

audit 105

audit auditor Legal Transportation 105

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

Going Concern

DECEMBER 8, 2022

People on the inside have said that the split is delayed as the firm hammers out the details, mostly legal.

auditor 105

auditor Legal audit financial statements 105

Going Concern

MARCH 8, 2024

Deloitte Legal Chief Sees Opportunity in GCs’ Need to Modernize [ Bloomberg Law ] GC = general counsel The new global head of Deloitte’s legal services arm said he’s focused on delivering more integrated consulting to general counsel while acknowledging the Big Four’s entry into legal services has gone slower than many anticipated.

audit 100

audit auditor New York Legal 100

Going Concern

AUGUST 22, 2024

PwC Hong Kong soon after put out a statement to say “the letter contains inaccurate statements and false allegations concerning PwC and certain of our partners.” ” “The inaccurate statements and false allegations could tarnish PwC’s reputation and infringe our legal rights,” added that statement.

audit 105

audit auditor financial statements Legal 105

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.

audit 98

audit auditor accounting firms cpas 98

Going Concern

OCTOBER 31, 2022

The story is behind a paywall but Law.com says that during a recent Law.com webinar, EY global law leader Cornelius Grossmann said a new EY company, split from its audit business, would focus on largescale clients and projects that are multidisciplinary in nature, with legal services being a key—but not dominant—component. It has to work.”

Account 105

Account accountant accounted audit 105

Going Concern

SEPTEMBER 29, 2023

” The updated version, issued on September 28th, removes problematic language which could be construed as indicating that internal auditors are not inherently trustworthy and unable to exercise due care in the performance of their duties. And CPAs in this space know what that means in terms of legal exposure.

auditor 111

auditor audit New York CPA 111

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!

audit 98

audit Tax tax return auditor 98

Going Concern

NOVEMBER 11, 2022

The next generation of accountants and auditors is in demand, but Ben Lansford, an accounting professor and director of the Master of Accounting program at the Jones Graduate School of Business at Rice University explained why some are hesitant. Many auditors responding to the FERF study noted an increase in effort by their teams (68%).

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audit auditor Louisiana cpas 98

Anders CPA

JULY 6, 2022

According to the FASB, the alternative is intended to “reduce cost and complexity without significantly diminishing decision-useful information for users of private company financial statements.”. ASC 805 vs ASU 2014-18 (Private Company Alternative). Implications of the Private Company Alternative.

Account 105

Account accountant accounted financial statements 105

Cherry Bekaert

JUNE 10, 2024

Communicate openly : The accounting team should take the lead in preparing the financial statements, but every department of the company has a role to play for a seamless process. Having an internal control framework includes having accurate policies and procedures that are shared with everyone that touches the reporting process.

financial statements 88

financial statements audit auditor Technology 88

ThomsonReuters

OCTOBER 18, 2024

Statutory reporting is a critical process for multinational corporations, involving the preparation and submission of financial statements to comply with legal obligations across various jurisdictions. ← Blog home In the industries of business and finance, statutory reporting is a cornerstone of transparency and compliance.

Non-Profits 52

Non-Profits Legal financial statements tax return 52

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.

audit 59

audit auditor financial statements Legal 59

CPA Practice

SEPTEMBER 1, 2023

The organization recently voted to strengthen its standard to require auditors to be more proactive in identifying non-compliance. By maintaining comprehensive and up-to-date data, they can greatly reduce the risk of errors, discrepancies and incomplete information, ultimately safeguarding the integrity of their financial statements.

accounting and finance 98

accounting and finance Non-Profits accounting standards Finance 98

Going Concern

OCTOBER 3, 2024

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Real Estate 110

Real Estate Account accountant accounted 110

Withum

SEPTEMBER 16, 2024

Following are the common reporting oversights to be aware of: Cash Non-interest-bearing cash should NOT be treated and disclosed as an investment in the financial statements or on Form 5500 Schedule 4i, Schedule of Assets Held (at End of Year). Interest-bearing cash and money market funds ARE considered investments.

CPA 124

CPA audit Real Estate income tax 124

Going Concern

SEPTEMBER 22, 2023

Harlow advises clients throughout the supply chain ranging from independent operators to vertically integrated operators in the largest legal cannabis markets in the country. In addition to his new role, he will continue to serve as co-director of the firm’s DC-Metro tax practice. Williams said in a news release.

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audit accounting and finance Virginia auditor 109

PYMNTS

APRIL 29, 2019

million after filing false financial statements and lying to auditors. In addition, some of the company’s quality-management executives allegedly lied to independent auditors in early 2017. As a result, the auditor was unable to sign off on Celadon’s previous financial statements.

auditor 43

auditor Account accountant accounted 43

Going Concern

NOVEMBER 30, 2023

Haoxin’s violations were a bit more serious and actually detrimental to the health of capital markets unlike a bunch of overworked auditors sharing answers on checkbox learning modules. Haoxin violated the U.S.

audit 64

audit auditor public accounting financial statements 64

Cherry Bekaert

JUNE 5, 2024

While organizations are very well versed in the concept of materiality when it comes to financial statement presentation and reporting, it appears they are much less familiar with understanding and reporting on cybersecurity incident materiality, which goes above and beyond the reporting standard for financial statement materiality.

Legal 69

Legal financial statements auditor Washington 69

Going Concern

MARCH 17, 2023

creating general ledgers, organizing financial statements, and handling pricing and invoicing. In a few states in the country today, it is already legal to bet on the Oscars. So that’s not a scripted set of results, yet it is known prior to the event, and gambling is legal on the Oscars. So that’s the pitch.

Government 97

Government Gambling audit CPA 97

ThomsonReuters

JANUARY 24, 2023

This starts with solid reporting by company management and presents a significant opportunity for auditors. Why are ESG audits important? Much like the audits of financial statements, third-party assurance from an audit firm can help solidify trust in a company ’ s ESG reporting. What are the benefits of ESG specialization?

audit 59

audit auditor Tax accounting firms 59

Basis 365

JUNE 15, 2023

Implement segregation of duties, ensuring multiple employees oversee financial processes. Regularly review and update financial policies to address new risks. Regularly Reconcile Financial Statements Conduct regular and thorough reviews of financial statements, bank reconciliations, and other relevant documents.

bookkeeping 52

bookkeeping Employee Expense Reimbursement Expense Reimbursements auditor 52

inDinero Accounting

JUNE 29, 2023

Its purpose is to ensure that financial statements provide an accurate and transparent view of the company’s financial condition and operations. The primary purposes of GAAP are to ensure consistency, transparency, comparability, and accuracy in preparing financial statements.

accrual accounting 94

accrual accounting accounting principles accounts payable accounting standards 94

Accounting Insight

MAY 1, 2024

In modern accounting, AI is being used to automate several tasks, including data entry, invoice processing and financial statement analysis. Automation of these routine tasks has allowed accountants to focus on more complex financial analysis and strategic decision-making.

Account 64

Account accountant accounted bookkeeping 64

Going Concern

MARCH 16, 2022

The big news in the accounting profession yesterday afternoon from Dave Michaels of the Wall Street Journal was that the SEC is investigating the Big 4 and other public accounting firms on whether the consulting and non-audit services they sell to clients is conflicting with their independence as the auditors of said clients.

audit 52

audit auditor bookkeeping accounting and finance 52

Going Concern

NOVEMBER 14, 2022

Here’s some news: The EY split vote has been delayed, says FT : The main stumbling block in setting dates for ballots is finalizing the so-called global framework agreement, the legal document covering details of how assets, liabilities and people will be split between the businesses. listed casino businesses operate.

Account 59

Account accountant accounted auditor 59

ThomsonReuters

JUNE 6, 2024

It is a crucial first step in the audit process that, when done properly, helps auditors conduct efficient audits, ensure compliance with standards, and mitigate risk. Determine materiality To focus on areas with the greatest potential impact on the financial statements, establish materiality levels.

audit 52

audit auditor financial statements Technology 52

Going Concern

JULY 26, 2024

Undercover filming by the Guardian suggests multimillionaire UK residents are being pitched offshore products said to legally protect their fortunes from inheritance tax (IHT) and capital gains tax (CGT).

Oklahoma 105

Oklahoma audit South Dakota accounting firms 105

CPA Practice

MARCH 13, 2024

In ADM’s 10-K annual financial report, which had been delayed because of problems with the segment sales numbers, the company states it has identified “a material weakness related to the company’s accounting practices and procedures for intersegment transactions.” And a class action lawsuit from investors filed Jan.

Account 52

Account accountant accounted Legal 52

FraudFiles

MARCH 5, 2021

The unusual accounting treatment of certain items can be a red flag of fraud, especially when this treatment enhances the company’s financial results. Market pressures can cause an executive to manipulate the financial statements, and one easy way to do that is to change the way an item is booked in the accounting records.

auditor 52

auditor financial statements Legal Gaming 52

CPA Practice

APRIL 10, 2024

The Public Company Accounting Oversight Board (PCAOB) issued a pair of proposals on April 9, one of which would require audit firms to publicly disclose several metrics —including the involvement of partners and managers on an audit, auditor workload, and auditor turnover—on a new form that would be accessible to investors.

audit 52

audit auditor public accounting accounting firms 52

CPA Practice

DECEMBER 6, 2024

The amendments enhance the required current reporting of information by registered firms on the PCAOBs public Annual Report Form , also known as Form 2, and the Special Reporting Form , also known as Form 3, in several key areas: Financial information: On Form 2, all registered firms will report additional fee information.

audit 52

audit financial statements public accounting Government 52

Going Concern

MAY 2, 2024

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Real Estate 59

Real Estate Account accountant accounted 59