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

TaxConnex

APRIL 28, 2022

In years past, auditors could show up at your door asking to look at your records. Many audits are conducted remotely, and an auditor never visits your office. Auditors can tap different data sources to select audits more accurately based on the level of risk, and to use new tools to automate the repetitive tasks of an audit.

audit 245

audit auditor general ledger Minnesota 245

CPA Practice

NOVEMBER 11, 2024

First, on multiple occasions, the accounting firm failed to timely report the participants in its issuer audits on PCAOB Form AP, in violation of PCAOB Rule 3211, Auditor Reporting of Certain Audit Participants.

audit 111

audit cpa firm auditor public accounting 111

TaxConnex

DECEMBER 23, 2021

One of your customers undergoing their own audit might produce one of your invoices, resulting in the auditor possibly contacting you for an exemption certificate or other documents. Auditors know that competitors tend to have similar business models and that some industries are more susceptible than others to tax deficiencies.

audit 244

audit Sales Tax auditor 244

CPA Practice

JULY 23, 2024

audit regulator recently spoke to auditors who work at the U.S. the Big Four, RSM US, BDO USA, Grant Thornton), as well as several auditors from non-affiliated firms in the U.S. In their view, human involvement remains essential for auditors and preparers and is needed to review the output from GenAI.

auditor 109

auditor audit financial statements Legal 109

TaxConnex

JANUARY 21, 2025

Sans a valid exemption/resale certificate, an auditor examining your records one day might conclude that a transaction was taxable when you claim it wasnt and that you collected and remitted no sales tax on it. Depending on the state, additional information may also be required. And read it before you accept it.

Non-Profits 147

Non-Profits auditor Hospitality Sales 147

Summit CPA

OCTOBER 10, 2024

The majority of returns with incorrect information are due to mistakes rather that fraud. Information concealed during an audit. Do not withhold information from an auditor intentionally. Hiding information from an auditor may create a fraudulent situation.

auditor 93

auditor audit tax return Tax 93

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.

auditor 119

auditor audit financial statements 119

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! We dont know, Matthew Dunlap, Maines state auditor, said. To Be Continued… Oh do we have things to say about this.

auditor 98

auditor audit Rhode Island cpa firm 98

Going Concern

NOVEMBER 1, 2022

Last week the Australian Securities and Investments Commission (think Aussie PCAOB) informed us that Deloitte and KPMG need to take “continued deliberate and concerted action” to improve the quality of their audit work because apparently it is just that bad. In short, things are not looking so hot for upside down auditors.

auditor 111

auditor audit Start-ups Technology 111

TaxConnex

MAY 18, 2021

An audit of your customer – A customer undergoing its own sales tax audit may produce one of your invoices , resulting in the auditor questioning why you are not charging sales tax and potentially leading to an inquiry or nexus questionnaire being sent to your company. In this blog, we’ll examine 7 of the most common.

audit 246

audit auditor Missouri Sales 246

CTP

JANUARY 17, 2025

Our clients should know the reasons they might be selected for an audit, how they will find out they are being audited, and what an IRS auditor might ask for. Preparing to Meet IRS Requests The most common request from an auditor is for verification of claims made on our clients tax return.

audit 96

audit Tax auditor tax return 96

TaxConnex

JULY 27, 2021

In the absence of a valid resale certificate, an auditor is likely to assume the transaction was taxable. Depending on the state, additional information may also be required. An exemption certificate is used to exempt an otherwise taxable transaction from sales tax. Why ‘resale’? The importance.

auditor 246

auditor Sales audit Tax 246

TaxConnex

JANUARY 18, 2022

If you can’t produce a valid resale certificate for a transaction with a buyer/customer, an auditor is likely to assume the transaction was taxable. One of the first requests from the auditor will be for you to provide copies of all exemption certificates, including resale certificates.

auditor 246

auditor Manufacturing Sales Tax 246

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 employee’s report triggered an internal investigation, the lawsuit said.

general ledger 98

general ledger auditor Connecticut accounting principles 98

TaxConnex

JULY 9, 2024

On portals you’ll also find information on other taxes, such as Washington’s B+O tax. Regarding reconciliation of data to your sales tax returns, auditors don’t generally look at returns, but you still should prepare your return as accurately as possible. Auditors will ask for data and any replated invoices.

Sales 264

Sales Tax Colorado tax return 264

Accounting Today

OCTOBER 10, 2023

A majority of chief audit executives and information technology audit leaders consider cybersecurity to be a top risk over the next year, but they're less concerned about artificial intelligence.

auditor 134

auditor audit Technology 134

Withum

MARCH 6, 2025

Following is a list of items that auditors will need over the next couple of months and what plan sponsors should do to prepare. If there were any changes to the plan documents during the year, such as an amendment or restatement, the documents can be sent to the plan auditor ahead of time to inform them of important changes.

audit 69

audit auditor payroll 69

CPA Practice

FEBRUARY 27, 2025

This latest knowledge check, or informal quiz, highlights various aspects of the new confirmation standard, which was approved by the PCAOB in September 2023.

auditor 105

auditor audit Account accountant 105

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

SMBAccountant

DECEMBER 16, 2020

More information regarding these programs can be found at sbir.gov/about. These different methods of accounting for R&D costs can be audit hot spots for both the government contracting and IRS auditors. These programs are offered by the government to encourage innovation with the potential for commercialization.

Government 246

Government Account accountant accounted 246

SMBAccountant

JULY 14, 2020

If the information entered into QuickBooks doesn’t accurately provide all the data needed to determine the timing, the accrual reports will not be accurate. The issue is that auditors don’t arrive only after the fiscal year has been closed. This is the simplest form as your books match your bank account.

Government 246

Government accrual accounting quickbooks Account 246

TaxConnex

OCTOBER 24, 2023

Still, many events can trigger an audit, such as one of your customers being audited and the auditor seeing one of your invoices without sales tax, industry audits where taxing authorities target specific industries, or perhaps just random bad luck. Organize your information. Guard what you say and what information you offer.

audit 147

audit Sales Tax auditor 147

CPA Practice

NOVEMBER 13, 2024

The Public Company Accounting Oversight Board (PCAOB) introduced on Wednesday a new series of staff guidance, “Audit Focus,” that is intended to provide easy-to-digest information to auditors, especially those who audit smaller public companies, with critical audit matters (CAMs) as the first topic.

auditor 81

auditor audit financial statements Account 81

Going Concern

OCTOBER 18, 2024

Some complaints that were not entered into a case management system were found by Division of Human Rights officials “in a filing cabinet labeled the ‘Twilight Zone,’ where some cases labeled ‘defective’ were filed, meaning they required more information and were not being investigated further,” the comptroller’s office said.

audit 104

audit auditor New York accounting and finance 104

CTP

DECEMBER 2, 2024

As a result, my client did not sign the release, and the auditor never actually audited them. We had prepared binders and binders of documentation for that audit, and the auditor had all that documentation in his possession, but months passed before he did anything with it.

audit 95

audit Tax auditor tax planning 95

Going Concern

MARCH 31, 2023

auditors who believe their part of the firm could end up weakened by a deal. accountants and auditors last year climbed at their quickest pace in recent years, but industry observers say increasing pay alone may not be enough to remedy a national shortage of accountants. John King and Frank Mahoney, senior U.S.

auditor 105

auditor audit Virginia Technology 105

TaxConnex

OCTOBER 26, 2021

You don’t want to accidentally give an auditor a wrong file or utilize old data in your returns. You should include sufficient information in file names to identify the data quickly. Date modified” is already often a standard information column in desktop folder panels.). Clarity is the first step toward consistency.

Sales 246

Sales Tax audit auditor 246

Going Concern

MARCH 19, 2025

Each of them violated PCAOB Rule 3211 , Auditor Reporting of Certain Audit Participants, by “failing to accurately disclose on PCAOB Form AP the participation in firm audits of other accounting firms, including, among others, component auditors, shared service centers, and critical audit matter hub.”

auditor 52

auditor audit accounting firms public 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. and overseas” seeking further explanation about the auditor’s opinion. appeared first on Going Concern.

auditor 105

auditor chartered accountant audit accounting and finance 105

CPA Practice

OCTOBER 8, 2024

According to a new report from top six accounting firm BDO USA, company finance leaders are expecting technology like artificial intelligence to be used by their external auditors now to enhance their audit engagement and consider it the second-most important factor when choosing an audit firm.

audit 143

audit Finance auditor Technology 143

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. and Congressman Jason Smith, R-Mo.,

auditor 98

auditor Account accounted accountant 98

ThomsonReuters

SEPTEMBER 3, 2024

Jump to: Adaptation to technology Perception of applicability AI’s impact on audit jobs and billing AI policy and regulation for audit firms Future of work Proactive steps for auditors Adaptation to technology The audit industry is at a crossroads with GenAI.

auditor 72

auditor audit tax accountant Tax 72

ThomsonReuters

DECEMBER 2, 2024

While it does not change the confirmation requirements, it prompts auditors to re-examine inherent risk factors closely, particularly for areas like cash and cash equivalents, where fraud can be more prevalent. A critical takeaway for auditors is that if controls are not tested, then the RMM equals the inherent risk.

auditor 52

auditor audit public accounting Account 52

Going Concern

NOVEMBER 4, 2024

In a letter to auditors on Wednesday, ASIC announced it would soon commence a new data-driven surveillance of auditor independence and conflicts of interest. Some have gone as far as to call for auditors – particularly the “big four” – to be banned from offering consulting services to their audit customers.

accounted 105

accounted Account accountant auditor 105

CPA Practice

NOVEMBER 19, 2024

The assistant flags that the company’s inventory levels are out of sync with predicted demand for certain items, helping you advise the client to order more items based on current information compared against historical records. The evolving role of auditors Future auditors aren’t being replaced—they’re being empowered.

auditor 52

auditor audit Technology CPA 52

Accounting Today

OCTOBER 23, 2024

Companies often face the tricky task of producing privileged and confidential information to their independent auditors for audit purposes.

auditor 72

auditor audit 72