Going Concern

JANUARY 27, 2023

Big 4 EY auditors escape potential Wirecard sanctions after leaving profession [ Financial Times ] Germany’s audit watchdog closed investigations against four current and former EY auditors involved in inspecting collapsed payments firm Wirecard after they handed back their professional licences and left the profession earlier this month.

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auditor accounting firms Account accountant 104

Going Concern

FEBRUARY 3, 2023

We are here to talk about how Hindenburg sniffed out Adani’s audit firm and what it found. From the report: The independent auditor for Adani Enterprises and Adani Total Gas is a tiny firm called Shah Dhandharia. The only other listed entity we found that it audits has a market capitalization of about INR 640 million (U.S.

audit 117

audit auditor accounting firms Government 117

CPA Practice

MAY 10, 2023

The head of the Public Company Accounting Oversight Board (PCAOB) said today that its inspectors found significant deficiencies in the audits of U.S.-listed could have levied trading bans on and delisted these firms by early 2024, as per the Holding Foreign Companies Accountable Act (HFCAA), which became law on Dec.

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CPA Practice

APRIL 15, 2023

One of the Big Four accounting giants in the U.S., EY was considering splitting up its audit and consulting units to avoid suggestions of a conflict of interest between the two practices. Following a split, EY would have been able to advise companies for which it also acted as auditor. billion PwC: $50.3 billion EY : $45.4

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audit auditor accounting firms Account 92

Going Concern

FEBRUARY 26, 2024

Marine Corps passed a full financial audit for the first time, with the service announcing Friday its fiscal 2023 financial audit received an “unmodified audit opinion” after a rigorous two-year review. The US audit watchdog also inspected four EY Canada audits in 2020 and found deficiencies in half the engagements.

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CPA Practice

NOVEMBER 15, 2023

Overall, average audit fees increased by 4.6 Forty-seven percent of member company respondents also indicated an increase in effort to support the external audit while 51 percent reported no change year over year. percent from 2021 to 2022. Additional reasons cited were changes to ICFR followed by divestitures.

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audit auditor financial statements Education 52

Going Concern

DECEMBER 30, 2022

The Black and Yellow had been slowly but surely not screwing up as many audits in recent years. After having a not-great audit deficient rate of 31% in its 2017 inspection report , EY’s error rate had dropped to 26% in its 2018 report , 18% in 2019 , and 15.4% For each issuer audit selected, we reviewed a portion of the audit.

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audit auditor Real Estate financial statements 101

CPA Practice

OCTOBER 24, 2023

A new report from the staff of the Public Company Accounting Oversight Board (PCAOB) reveals that 42% of firms the PCAOB inspected in 2022 had a quality control criticism related to engagement quality reviews (EQRs), up from 37% in 2020. Engagement quality reviews are an important investor safeguard during the audit process.

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audit auditor Account accountant 59

CPA Practice

APRIL 12, 2023

A talent shortage is affecting accounting firms across the demographic spectrum. Each year fewer accountants enter the profession while more CPAs near retirement. According to the Association of International Certified Professional Accountants, the number of U.S. Audit directors and managers work 295.

Account 136

Account accountant accounted Education 136

Going Concern

SEPTEMBER 1, 2023

The PCAOB has scored its first-ever sanctions related to a firm’s membership in an accounting alliance and as one would expect, there is a press release. Given its alliance membership and association with the other accounting firm, Warren Averett had a disincentive to question the reasonableness of the other accounting firm’s valuation work.

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audit auditor accounting firms financial statements 84

CPA Practice

FEBRUARY 23, 2024

million earlier this week for breaking various Public Company Accounting Oversight Board auditing rules. Grant Thornton’s India arm and an Australian audit firm also received penalties from the PCAOB. The biggest fine was given to top 25 accounting firm Withum, which was docked $2 million on Feb. up from 59 in 2019.

audit 69

audit auditor Tax accounting firms 69

Going Concern

NOVEMBER 14, 2023

Last month we took a look at the 2024 Robert Half Salary Guide to get an idea what public accounting salaries should be in the range of next year, today it’s a similar report from Addison Group and their 2024 Workforce Planning Guide. The guide covers several industries, we are of course only here for accounting. Say what now?

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Going Concern

FEBRUARY 24, 2023

Some time last year PCAOB inspectors visited China and while details of their visit were kept somewhat quiet from both sides, we were told that the inspectors gained unprecedented access to Chinese audit work.

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audit auditor accounting and finance Washington 95

Going Concern

OCTOBER 28, 2022

Iowa addresses accountant shortage, expands eligibility for state jobs [ KCRG ]. Accountants and auditors with the Office of Auditor of State no longer need a four-year degree. Regulator Warns Hong Kong Companies About Auditor Resignations [ Wall Street Journal ]. Our newsletter is always on time.

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audit auditor Account accountant 86

Going Concern

JANUARY 20, 2023

Practice Management How firms use stay interviews to boost retention [ Journal of Accountancy ] Job interviews have long been an essential part of the hiring process. But now, some public accounting firms are turning the lens on themselves.

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auditor Technology audit financial statements 93

SMBAccountant

JULY 14, 2020

This is the simplest form as your books match your bank account. The accrual basis of accounting matches income and expenses in the same time frame, regardless of when the money came into or left the bank account. did work for a customer and sent them an invoice on 6/25/2020. Using cash basis accounting, Doe Co.

Government 246

Government accrual accounting quickbooks Account 246

Going Concern

MARCH 11, 2024

We’ll be doing an article shortly, in the meantime here are some quotes from INSIDE Public Accounting : Bob Cedergren, MNCPA board chair added, “I can tell you from my own experience, through conversations with colleagues throughout the country and the members of the MNCPA, that we have a significant shortage of CPAs.

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Going Concern

FEBRUARY 2, 2023

Breaking news: Cohen & Company made a mistake on one of its audits inspected by the PCAOB. Big deal, you ’re probably thinking, audit firms screw up all the time—some more than others. But Cohen & Company had perfect auditing report cards from the PCAOB for 2018, 2019 , and 2020. We’re looking at you, BDO USA.)

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auditor audit financial statements accounting firms 57

CPA Practice

OCTOBER 23, 2023

A new report from the staff of the Public Company Accounting Oversight Board (PCAOB) reveals that 42% of firms the PCAOB inspected in 2022 had a quality control criticism related to engagement quality reviews (EQRs), up from 37% in 2020. Engagement quality reviews are an important investor safeguard during the audit process.

audit 52

audit auditor Account accountant 52

Going Concern

AUGUST 17, 2023

LLP, its CEO Nigel Bostock, and senior auditor Matthew Stallabrass for the firm’s deficient audit of music streaming company Akazoo Limited. Cue the public exclaiming “where were the auditors!?” issued a clean audit report of Akazoo’s 2018 financial statements. A couple days ago the SEC charged Crowe U.K.

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audit auditor financial statements Account 92

Going Concern

APRIL 30, 2024

It’s been almost six years since the Canadian government legalized recreational cannabis and ever since, a microcosm of financial reporting and auditing has been growing (no pun) beside it. Note that many companies switched auditors so not all fees listed went to the current auditor.) billion Canadian dollar ($3.7

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auditor audit Legal Tax 97

ThomsonReuters

JANUARY 20, 2023

Firms are now turning to audit talent with new skillsets to help them navigate new challenges. New paths for audit talent It isn’t news that the rise of technology caused dramatic changes in the audit profession. More than ever before, today’s audit talent needs more than technical skills.

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audit auditor Technology CPA 59

CPA Practice

AUGUST 17, 2023

More than half of the audits of brokers and dealers inspected by the Public Company Accounting Oversight Board (PCAOB) last year had mistakes, as audit firms took a big step backwards from improvements they made in 2021. The PCAOB has released annual progress reports on the audits of broker-dealers since 2012.

audit 52

audit auditor financial statements Account 52

Going Concern

APRIL 16, 2024

Over the past week or so, various media outlets have been picking on Trump Media auditor BF Borgers and their 100% PCAOB deficiency rate. See: Trump Media’s accounting firm has a 100% deficiency rate from U.S. Borgers is among the top ten busiest audit firms according to the most recent Ideagen Audit Analytics audit market share data.

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CPA Practice

APRIL 26, 2023

A new PCAOB staff report sheds light on an area where PCAOB inspectors have observed relatively high rates of audit deficiencies: special-purpose acquisition companies (SPACs). From 2020 to 2021, U.S. The staff report noted: The PCAOB reviewed 44 SPAC-related audits performed in 2021.

audit 52

audit auditor financial statements Account 52

Going Concern

JANUARY 6, 2023

Fat Joe’s favorite audit firm once again had a spectacularly horrible PCAOB inspection report. In the 2021 inspection of BDO USA, LLP, the PCAOB assessed the firm’s compliance with laws, rules, and professional standards applicable to the audits of public companies. For each issuer audit selected, we reviewed a portion of the audit.

audit 88

audit Real Estate financial statements auditor 88

Going Concern

SEPTEMBER 25, 2023

It’s been a while since we’ve done an Accountants Behaving Badly megapost ( 381 days ago , actually), here’s some bad behavior you may have missed. Twice-Convicted Accountant Is Charged With Embezzling More Than $1.1 Palos Hills Accountant Indicted In $7.8M This stock photo is incredible.

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Going Concern

APRIL 8, 2024

The so called “Big Four” accounting firms — Deloitte, PricewaterhouseCoopers (PwC), KPMG, and Ernst & Young (EY) — are known for paying their staff high salaries. Bloomberg went digging around in Trump Media’s auditor’s PCAOB inspection reports: Trump Media & Technology Group Corp. Are they really tho?

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auditor audit Account accountant 57

CPA Practice

MAY 14, 2024

The Public Company Accounting Oversight Board (PCAOB) has overhauled its decades-old quality control requirements for audit firms by adopting a new standard on May 13 designed to put the onus squarely on auditors and executives.

auditor 69

auditor audit accounting firms financial statements 69

Going Concern

OCTOBER 27, 2022

The NMC Health collapse of 2020 is still haunting EY UK, this time in London High Court as NMC administrators accuse the firm of failing in their duties and not noticing “one of the biggest frauds ever alleged at a FTSE 100 company.” EY charged NMC $14 million for audit work performed over a period of about seven years.

audit 87

audit auditor Legal Transportation 87

CPA Practice

SEPTEMBER 26, 2023

BDO USA was fined $2 million and two of the firm’s partners were fined a total of $60,000 by the Public Company Accounting Oversight Board (PCAOB) for failures in connection with the 2017 audit of AAC Holdings, which through its subsidiaries provides inpatient substance abuse treatment services, the audit regulator said on Tuesday.

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audit auditor New York financial statements 52

ThomsonReuters

DECEMBER 9, 2020

It will come as no surprise after the year we’ve had: the growing risk of fraud in the 2020 year-end audit is real. A number of audit clients have been struggling to survive the COVID-19 pandemic. The period in which revenue is recorded, for instance, is something auditors will have to pay special attention.

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Going Concern

NOVEMBER 11, 2022

note: if you like accounting news, which you clearly do because you are reading this, we encourage you to sign up for our newsletter for even more accounting news. There’s definitely an accountant shortage out there’: MBAs have become the go-to degree and companies are struggling to hire enough CPAs [ Fortune ].

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Going Concern

DECEMBER 15, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. Cheaters What went wrong at PwC Canada: Accounting firm agrees to pay $1.45-million

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audit Technology accounting and finance Legal 105

Going Concern

JULY 26, 2022

In fact, the 46 IPOs in Q2 was the fewest since the first quarter of 2020 (38), and the $5.3 billion), according to a new analysis from Audit Analytics. Even though SPACs are going through a rough patch, public accounting firms that are SPAC auditing machines were kept the busiest in Q2.

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audit auditor public accounting accounting firms 78

Going Concern

SEPTEMBER 22, 2023

Miller was appointed vice president for finance in April 2020 and also serves as the university treasurer. Michael Harlow to Lead Cannabis Practice at CohnReznick [ INSIDE Public Accounting ] New York-based IPA 100 firm CohnReznick LLP (FY23 net revenue of $920 million) has named Michael Harlow as leader of its cannabis industry practice.

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Going Concern

APRIL 1, 2022

in accounting [ Accounting Today ] Some of the main job gains occurred in leisure and hospitality, and professional and business services, along with retail trade and manufacturing. Professional and business services added a total of 102,000 jobs in March, including 18,200 in accounting and bookkeeping services. Ah, memories.

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