CPA Practice

OCTOBER 10, 2023

The demand for skilled tax practitioners in the accounting profession has never been more critical. This surge in demand for CPA services comes at a time when experienced public accountants are exploring alternative career options, and fewer graduates are entering the profession. By Richard Lavina and Ralph Carnicer.

Technology 105

Technology accounting firms Account accountant 105

Going Concern

MAY 20, 2024

PwC is facing legal action claiming the accountancy firm is liable for the alleged rape of a graduate employee following after-work drinks. Auditors are required to include a going-concern warning if they believe there is a risk that the company may go bankrupt, rather than making a prediction that it will. TL;DR It’s about time!

audit 59

audit auditor Account accountant 59

Going Concern

APRIL 30, 2024

Here’s a snapshot from 2019 that shows how much cannabis companies were paying to which auditors: A look at 40 Canadian cannabis companies and what they paid to their auditors over their past fiscal year. Note that many companies switched auditors so not all fees listed went to the current auditor.)

auditor 110

auditor audit Legal Tax 110

Going Concern

MAY 5, 2022

Alternate title: If You Are an Accounting Student, Expect to End Up In Audit When You Graduate. Ever since early 2020 we have been forced to learn how to go without, not always an easy task in our always-connected, on-demand, two-day-delivery world. New accounting graduate hires are increasingly being assigned to audit — a shift of 11.5

auditor 52

auditor audit cpas CPA 52

Going Concern

DECEMBER 1, 2022

In it, questions are tossed out about how accounting education will change along with the ambitious CPA exam overhaul, with concerns raised about the graduates who will apply their pre-Evolution education to a post-Evolution exam. Between 2015 and 2020, the number of NYS licenses issued declined by approximately 20%.

accounting degree 64

accounting degree Account accountant accounted 64

CPA Practice

MARCH 4, 2024

While it’s unclear what exactly led to the mistakes in each of these cases, one major risk factor has reached crisis levels: a shortage of certified public accountants. The lack of help means current accountants’ hours and workloads can be grueling, upping the odds of mistakes and burnout. “If

Account 78

Account accountant accounted cpas 78

Going Concern

FEBRUARY 19, 2024

Underemployed staff at the Big Four auditors risk losing their jobs as firms step up their scrutiny of employee workloads in a downturn. The liquidators were “taking steps to protect [their ability to bring] legal claims against auditors”, one of the people said. billion debt burden and total liabilities in excess of $300 billion.

auditor 59

auditor Account accountant accounted 59

CPA Practice

AUGUST 15, 2023

The Public Company Accounting Oversight Board (PCAOB) has not been in a jovial mood lately. Shortly after criticizing audit firms for the number of errors they made on public company audits reviewed by PCAOB inspectors last year, the audit watchdog doled out sanctions to 12 accounting firms from July 28 to Aug. 8: KG Somani & Co.

audit 98

audit auditor accounting firms cpas 98

Going Concern

MARCH 30, 2022

The latest audit inspection results for Crowe show the 11th-ranked public accounting firm by revenue bombed 27% of the audits reviewed in the most recent PCAOB inspection cycle, but the firm was less bad in its 2020 report card than it was in 2019’s. Marcum auditors didn’t do too badly on audits of ICFR. Moss Adams.

financial statements 52

financial statements audit auditor public accounting 52

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. Firms themselves have also changed significantly, as has the role of firm networks.

auditor 59

auditor audit accounting firms financial statements 59

CPA Practice

MAY 15, 2023

The Securities and Exchange Commission’s enforcement division cracked down on accounting and auditing rules violators in fiscal year 2022, as actions within that sector made up 15% of the 462 new or stand-alone cases initiated by the regulator last year, according to a new report from Cornerstone Research.

audit 111

audit Account accountant accounted 111

CPA Practice

SEPTEMBER 5, 2023

In first-ever sanctions levied against an audit firm related to its membership in an accounting alliance, the Public Company Accounting Oversight Board (PCAOB) on Aug. 29 fined top 50 firm Warren Averett $200,000 for auditor independence violations during the 2019 and 2020 audits of an issuer.

auditor 52

auditor audit accounting firms financial statements 52

Going Concern

FEBRUARY 5, 2024

Financial Advisor says many accounting firms want to get on the wealth management bandwagon “to serve clients better” but of course really “ wealth management practices can be quite profitable when done well. Los Angeles Business Journal profiled some homegrown artisan accountants. accounting grads continues to drop?

Account 64

Account accountant accounted auditor 64

Going Concern

MAY 26, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. The accounting firm is embroiled in a national scandal over its use of confidential information about proposed tax laws to drum up business. Have a safe Memorial Day. million over a decade.

public accounting 101

public accounting Account accountant accounted 101

CPA Practice

APRIL 28, 2023

While tax time is irksome for business owners, it can be teeth-grindingly stressful for the accountants who assist their clients. In a typical season, accountants can work anywhere from 50-to-80 hours a week, not only providing strategic tax advice but helping set up each client for success throughout the year.

accounting meaning 115

accounting meaning Account accountant accounted 115

CPA Practice

APRIL 24, 2023

While tax time is irksome for business owners, it can be teeth-grindingly stressful for the accountants who assist their clients. In a typical season, accountants can work anywhere from 50-to-80 hours a week, not only providing strategic tax advice but helping set up each client for success throughout the year.

accounting meaning 105

accounting meaning Account accountant accounted 105

Going Concern

FEBRUARY 3, 2023

From the report: The independent auditor for Adani Enterprises and Adani Total Gas is a tiny firm called Shah Dhandharia. They were essentially fresh out of school, hardly in a position to scrutinize and hold to account the financials of some of the largest companies in the country, run by one of its most powerful individuals.

audit 124

audit auditor accounting firms Government 124

Going Concern

DECEMBER 19, 2023

445 professional staff — 93 percent auditors and seven percent tax and advisory — participated in answer sharing during mandatory, open-book internal training assessments between 2016 and 2020. And PwC Canada’s junior auditors will learn to keep this thing everyone does on the down-low going forward.

auditor 117

auditor audit CPA Government 117

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.

audit 97

audit auditor accounting firms financial statements 97

CPA Practice

DECEMBER 1, 2023

The Public Company Accounting Oversight Board (PCAOB) has doled out a record $20 million in total fines to audit firms and individual auditors so far in 2023, almost doubling the previous high mark of $11 million set last year. Having received that commitment, Gridsum promptly dismissed its then current auditor and hired Haoxin.

auditor 105

auditor audit financial statements Account 105

Going Concern

JANUARY 29, 2024

Accounting Ranks First In Something Good For Once More 2. We are in the midst of a transformation, if not a revolution, whereby the role of an “accountant” is no longer confined to ledgers and balance sheets, but extends to realms previously unimagined. Tupperware hired the Big Four auditor on Jan.

auditor 52

auditor cpa firm Account accountant 52

Accounting Insight

AUGUST 8, 2023

Accounting fraud causes serious damage. According to the latest report by the Association of Certified Fraud Examiners (ACFE), Occupational Fraud 2022, accounting fraud is the type of business fraud that causes the highest losses to companies. Internal auditors discover 16% and external auditing 4% of cases.

Account 52

Account accountant accounted auditor 52

Going Concern

JANUARY 2, 2024

. — Lisa Savigano (@LSavigano) December 28, 2023 Ignition’s Asia-Pacific managing director David New explains why it’s time for accountants to raise their prices and bashes the antiquated billable hour while he’s at it (we love that): At its heart, accounting is a numbers profession. billion euros ($1.66

Government 64

Government Account accountant accounted 64

Going Concern

DECEMBER 13, 2022

billion, through false accounting from 2015 until Wirecard collapsed in June 2020. But two years ago its auditor, EY, declared it could not find nearly 1.9 The two others charged in the case are Oliver Bellenhaus, who headed a Wirecard subsidiary in Dubai, and Stephan von Erffa, the company’s chief accountant.

Account 96

Account accountant accounted auditor 96

Going Concern

SEPTEMBER 1, 2022

Last week, we published a letter written to Fortune by a former CPA who pivoted to driving 18-wheelers and found far more career happiness than he ever would have in accounting (good for him). Accounting and being a CPA have been the worst personal decision and professional organization I’ve been a part since passing.

cpas 98

cpas cma Real Estate accounting and finance 98

CPA Practice

JANUARY 22, 2024

agricultural trading giant suspended its chief financial officer and cut its earnings outlook pending an investigation into its accounting practices. The segment’s operating income was already forecast to drop more than 18% in 2023 to the lowest since 2020, according to analyst estimates compiled by Bloomberg. By Gerson Freitas Jr.

Account 52

Account accountant accounted Agriculture 52

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. “We

audit 59

audit auditor Account accountant 59

CPA Practice

MAY 10, 2024

FloQast, a finance and accounting operations platform provider created for accountants by accountants, has added new feature enhancements to its FloQast Compliance Management solution, empowering proactive risk assessment, more effective management of compliance programs, and smoother and more efficient internal audit processes.

audit 52

audit auditor accounting and finance Finance 52

CPA Practice

FEBRUARY 8, 2024

By Jeff McDonald, The San Diego Union-Tribune (TNS) A longtime accountant for the San Diego City Treasurer’s Office who says she was fired after refusing to sign off on findings her bosses changed has agreed to accept hundreds of thousands of dollars from taxpayers to settle her lawsuit. The “Yellow Book” is the U.S.

audit 59

audit Account accountant accounted 59

Going Concern

APRIL 3, 2023

EY fined, banned from some audits in Germany over Wirecard scandal from Reuters : Germany’s accounting watchdog on Monday handed the 2016-2018 auditor of Wirecard, named in the company’s annual reports as EY, a 500,000 euro fine ($541,650.00) and banned it from taking on new audits for companies of public interest for two years.

auditor 52

auditor Account accountant accounted 52

CPA Practice

APRIL 19, 2023

Ray III laid out how a lack of financial and accounting controls helped to doom the company. Don’t hire a generalist accountant for a specialized business. The majority of FTX’s accounting was conducted by a small external firm, which Ray says had no specialized knowledge relating to cryptocurrencies or international financial markets.

bookkeeping 98

bookkeeping auditor audit quickbooks 98

Going Concern

SEPTEMBER 29, 2023

From the SEC : The Securities and Exchange Commission today announced charges against accounting firm Prager Metis CPAs, LLC and its California professional services firm, Prager Metis CPAs LLP, (together, Prager) for violating auditor independence rules and for aiding and abetting their clients’ violations of federal securities laws.

cpas 64

cpas auditor audit California 64

Going Concern

JANUARY 13, 2023

From 2016 until its 2020 inspection report, Grant Thornton had an average audit failure rate of about 21%. The identified deficiencies primarily related to the firm’s testing of controls over and/or substantive testing of revenue and related accounts and inventory. rate in 2020 , which was an all-time best for Grant Thornton.

audit 105

audit auditor Real Estate financial statements 105

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.

audit 64

audit Minnesota Account accountant 64

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. “We

audit 52

audit auditor Account accountant 52

CPA Practice

APRIL 15, 2023

One of the Big Four accounting giants in the U.S., Following a split, EY would have been able to advise companies for which it also acted as auditor. It drew ire from US executives—including senior executives like John King and Frank Mahoney—as they wanted auditors to get a bigger bite of the lucrative tax practice pie.

audit 92

audit auditor accounting firms Account 92

Going Concern

JULY 26, 2023

We’re not sure how many more times it needs to be said and it’s shocking Public Company Accounting Oversight Board Chair Erica Y. Williams does not have severe audit firm-induced trichotillomania (to our knowledge) because here she is again warning auditors that the PCAOB is tired of them being so terrible at auditing.

audit 98

audit auditor financial statements Start-ups 98